JPMorgan intends to implement biometric payments extensively.

By early next year, JPMorgan Chase plans to roll out biometric payments widely with US retailers, allowing customers to make purchases by just scanning their faces or hands.

Madilyn Swift

March 14, 2024

1Min Read

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Payments

By 2026, three billion biometric users and $5.8 trillion in global biometric payments are anticipated, according to Goode Intelligence.

In order to test the technology on its sizable merchant clientele, JP Morgan partnered with biometrics expert PopID to run a number of pilots last year.

According to Prashant Sharma, the bank's executive director of biometrics and identification solutions, more trial projects are planned for this year before a larger rollout. This information was provided to Payments Dive.

Sharma states, "Although we would like every merchant to adopt this, in the end, it will be a merchant's choice."

Although "there is a perceived sensitivity" to biometrics, according to Sharma, "we just don't see this as a big risk."

He states: "It will take a little bit of time, but hopefully we get to a point where there is an all-in-one device that can do card, tap, dip plus biometric data acceptance as well." in reference to the requirements that retailers must meet in order to accept biometric-based payments.

While Visa has collaborated with PopID on facial verification payments, Mastercard recently introduced a solution designed to make it simple for businesses to integrate biometrics for customers to enter into applications or websites and make purchases online.

While there would be rivalry amongst suppliers, according to Sharma, "there are a lot of places where we can collaborate as well".