The first pilots will be run with brick-and-mortar stores in the U.S., and potentially includes the Formula 1 Crypto.com Miami Grand Prix, which is planning to be the first Formula 1 race to pilot biometrics-based payments to provide guests with a faster checkout experience. If the pilot stage is successful, a wider rollout would be planned to U.S. merchant clients in 2024.
J.P. Morgan will begin piloting biometrics-based payments with select retailers in the U.S. „This is the first pilot solution to launch from J.P. Morgan Payments’ new Commerce Solutions suite of products, dedicated to helping merchants adapt to the rapidly evolving payments landscape.” – according to the press release.
Its biometrics-based payment pilot includes palm and face identification for payments authentication in-store and works on an enrol-capture-authenticate-pay basis. Global biometric payments are expected to reach $5.8T and 3B users by 2026, according to Goode Intelligence.
J.P. Morgan Payments’ biometrics pilot offering should allow for fast, secure and simple checkout experiences for its merchants’ customers, delivering a modern payments experience to enhance customer loyalty. As the leading global merchant acquirer, J.P. Morgan Payments is uniquely positioned to enable this solution to meet shopper expectations without compromising security and reliability.
After a short customer enrolment process in store, the workflow is; cashier scans items or customer uses self-service terminal, user scans palm or face, user completes checkout, user gets receipt. The solutions has a benefits for merchants and their consumers. For merchants, the key benefits include customer sales and loyalty growth and the removal of friction from merchants’ day-to-day processes. For the customer, the payments are phone-free, private, secure, fast and simple.
J.P. Morgan Payments has also launched Commerce Solutions, its next-generation suite of payments infrastructure and applications that helps merchants accept consumer and b2b payments across any touchpoint. The Commerce Solutions launch includes new cloud-based infrastructure for J.P. Morgan Payments’ online and in-store payments APIs, allowing for new tools for developers and technical buyers to discover and deploy J.P. Morgan Payments solutions.
Merchants can struggle to keep up and manage a complex technology ecosystem that includes online payments, in app payments, social payments, in store payments, digital wallets and marketplace payments. J.P. Morgan Payments’ Commerce Solutions will best serve its merchant clients, acting as one-front-door for the needs of its commerce and ecommerce clients in this evolving payments environment. Whether it be a biometrics solutions or better coordination of online and instore payments, the Commerce Solutions offering can help merchant clients end-to-end and prepare for the future.
Takis Georgakopoulos, Global Head of Payments, J.P. Morgan said, “The evolution of consumer technology has created new expectations for shopping and payments. There are more ways to pay than ever before across an increasing number of channels. And consumers continue to adopt tools like digital wallets and biometric payments to simplify their payment experience. J.P. Morgan is uniquely positioned to revolutionize payments online and instore and our investments in technology have unlocked new ways for merchants to offer frictionless payments across any touchpoint. Our Commerce Solutions launch positions us perfectly to help our clients prepare and thrive as the payments landscape continues to transform.”
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below: