JP Morgan plans to implement a plan to introduce biometric payments as part of a partnership with retailers in the United States.
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Biometric payments allow consumers to make purchases by scanning faces or palms. Goode Intelligence predicts that by 2026, the volume of global payments of this type will amount to $ 5.8 trillion. The number of users who prefer this format of shopping is projected to reach 3 billion people by that time.
Earlier this week, the fast food giant Panera Bread announced the start of testing Amazon’s palm-reading technology, which allows customers to pay for purchases and access the network’s loyalty program.
JP Morgan aims to introduce a similar technology into its huge client base of trading companies. Testing will be carried out in regular stores in the USA. This process will be carried out on a limited scale. Next year JP Morgan will expand the geography of the biometric payments program, but only within the United States.
Representatives of banks say that biometric payment methods represent benefits from the point of view of sellers’ interests and contribute to increasing the level of customer loyalty. They also note that this technological solution greatly simplifies the purchase procedure. For the client, payments are made free of charge over the phone, confidentially, safely, and quickly.
Jean-Marc Thienpont, head of omnichannel solutions at JP Morgan Payments, says that biometrics-based payments provide consumers with a better payment experience. He also noted that the bank is a reliable payment provider and has the tools necessary to manage highly secure identification points that ensure the operation of biometric solutions.
The head of the omnichannel solutions department noted that the development of consumer technologies contributes to the emergence of new expectations among buyers, stressing that sellers should be ready to meet the corresponding demand.
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