JPMorgan Chase intends to introduce a biometric payment system by 2025, enabling consumers to make payments using face recognition or palm scans. The primary objective of the system is to enhance efficiency during the checkout process and enhance the level of security.
The financial behemoth will use the sophisticated authentication system after successful trial initiatives with PopID, a biometrics company located in California. Jean-Marc Thienpont, the leader of biometric solutions at JPMorgan Payments, asserts that biometric payments enable merchants to provide an enhanced consumer experience.
According to a 2023 PYMNTS poll, there has been an increase in the use of biometric technologies, with 28% of customers use face recognition for online transactions over the last month. As per Goode Intelligence, it is predicted that by 2026, a total of 3 billion individuals would use biometrics as a means of making payments.
Furthermore, it is estimated that the worldwide transactions made using biometrics will amount to $5.765 trillion annually. JPMorgan‘s decision exemplifies a broader pattern of incorporating sophisticated technology into retail operations.
The use of biometrics may expedite the checkout process, decrease waiting times, and improve the overall shopping experience. JPMorgan was able to improve the system via real-world testing, which enabled them to make adjustments before a wider release.