JPMorgan Chase to Launch Biometric Payments

JPMorgan Chase is gearing up for a major expansion of biometric payments in partnership with US retailers, set to be operational by early 2025, as reported in Finextra News. This move will allow consumers to make purchases by simply scanning their palms or faces, aiming to streamline the payment process and enhance security.

According to Goode Intelligence, global biometric payments are projected to reach a staggering $5.8 trillion with three billion users by 2026, indicating a significant shift towards this innovative payment method.

JP Morgan had previously expressed interest in integrating biometric technology into its merchant client base and had conducted several pilot programs in collaboration with biometrics specialist PopID. Prashant Sharma, the bank’s executive director of biometrics and identity solutions, revealed that additional pilot programs are scheduled for this year, paving the way for a broader implementation.

While JP Morgan aims for widespread adoption among merchants, Sharma emphasizes that the decision ultimately lies with each individual merchant. Despite some concerns regarding the use of biometrics, Sharma remains optimistic, stating, «we just don’t see this as a big risk.»

Looking ahead, Sharma envisions a future where merchants can accept biometric-based payments through a single, multi-functional device, enabling a seamless transition from traditional payment methods.

In a related development, Mastercard has introduced a service to facilitate the integration of biometrics for user authentication in apps and websites, while Visa has also collaborated with PopID on facial verification payments.

Sharma acknowledges the competitive landscape but also highlights potential areas for collaboration among providers, indicating a dynamic and evolving market for biometric payments.