JPMorgan Chase is reportedly preparing to launch a biometric payments system for the masses, the Daily Hodl reported quoting the American Banker.
The banking giant is preparing a “broad rollout” of an authentication system that will allow retail shoppers to pay with their face or palm next year.
The system is the result of two pilot projects with the California-based biometrics company PopID.
JPMorgan, which already provides point-of-sale solutions to merchants, says it ran pilot tests for the system at brick-and-mortar stores in the US as well as internally at an office cafeteria.
Jean-Marc Thienpont, head of omnichannel and biometric solutions at JPMorgan Payments, says the bank believes the system will reduce checkout time and boost security.
“At its heart, biometrics-based payments empower our merchant clients to deliver a better customer payment experience.
We are a trusted payments provider and financial institution worldwide, and fully equipped to manage the highly secure identification points that power biometrics solutions. The evolution of consumer technology has created new expectations for shoppers, and merchants need to be ready to adapt to these new expectations.”
A 2023 survey conducted by PYMNTS found 28% of consumers have used facial recognition for an online purchase in the last 30 days.
The business research firm Goode Intelligence projects 3 billion people will pay using biometrics by 2026, with global transactions hitting $5.765 trillion per year.