JP Morgan Advances Biometric Payments with New Pilots

According to Goode Intelligence, global biometric payment transactions are projected to hit $5.8 trillion and involve three billion users by 2026.

Last year, JP Morgan indicated its plans to integrate this technology across its extensive merchant network by partnering with biometrics firm PopID for initial pilot programs. The bank and PopID are now advancing their trials, aiming to streamline the payment process so customers no longer need to use their phones or credit cards.

Research from PopID reveals that their system can cut transaction times by up to 90 seconds and potentially boost ticket sizes by four percent.

Prashant Sharma, JP Morgan’s executive director of biometrics and identity solutions, emphasized the bank’s dedication to this technology. “We aim for widespread adoption among merchants, though the final decision rests with them,” Sharma noted. He acknowledged concerns about biometrics but minimized them as not being a major risk.

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Jean-Marc Thienpont, JP Morgan Payments’ MD for omnichannel and biometric solutions, described the ongoing pilots as a significant advancement. “We are enhancing our clients’ retail experiences with top-tier biometric payment solutions,” he said. “Our offering combines the reliability and reach of a leading bank with the innovative technology and flexibility of a fintech.”

Alexander Stefanov