Global biometric payments are expected to reach $5.8t and three billion users by 2026, according to Goode Intelligence
J.P. Morgan is to begin piloting biometrics-based payments with select retailers in the US.
After a short enrolment in store, customers will be able to pay for their items by scanning their palm or face.
The biometrics pilot offering should allow for “fast, secure and simple” checkout experiences for its merchants’ customers.
Global biometric payments are expected to reach $5.8t and three billion users by 2026, according to Goode Intelligence.
If the pilot stage is successful, a wider rollout would be planned to US merchant clients in 2024.
Jean-Marc Thienpont, head of omnichannel solutions at J.P. Morgan Payments, commented: “At its heart, biometrics-based payments empower our merchant clients to deliver a better customer payment experience.
“The evolution of consumer technology has created new expectations for shoppers, and merchants need to be ready to adapt to these new expectations.”
The first pilots will be run with brick-and-mortar stores in the US, and potentially includes the Formula 1 Crypto.com Miami Grand Prix.
Ramon M Peneda, vice president and chief information officer of Formula 1 Crypto.com Miami Grand Prix 2023, said: “Formula 1 prides itself on pioneering solutions and state-of-the-art technology.
“Being able to roll out this new biometrics-based payments scheme would enhance the race-day experience for our guests as they will enjoy a new, faster checkout process.”