The pilot solution marks the first one to launch from J.P. Morgan Payments’ new Commerce Solutions suite of products, which aims to help merchants adapt to the rapidly changing payments landscape. The biometrics-based payment pilot consists of palm and face identification for payment authentication in-store and functions on an enrol-capture-authenticate-pay basis.
The press release details that global biometric payments are expected to reach USD 5.8 trillion and 3 billion users by 2026, according to Goode Intelligence. J.P. Morgan Payments’ biometrics pilot offering is set to allow for fast, secure, and simple checkout experiences for its merchants’ customers, providing a modern payment experience to increase customer loyalty. Being a global merchants acquirer, J.P. Morgan Payments believes to be positioned to enable the solution to meet shopper expectations without having security and reliability compromised.
Commenting on the announcement, Jean-Marc Thienpont, Head of Omnichannel Solutions, J.P. Morgan Payments advised that at its core, biometrics-based payments help merchant clients deliver an improved customer payment experience. Activating as a trusted payments provider and financial institution worldwide, the enterprise believes it is fully equipped to manage the secure identification points that power biometrics solutions. As per the spokesperson’s statement, the evolution of consumer technology has contributed towards the creation of new expectations for shoppers, and merchants need to be prepared to adapt to said expectations.
The initial pilots are set to be run with brick-and-mortar stores in the US and will potentially include the Formula 1 Crypto.com Miami Grand Prix, which plans to be the first Formula 1 race to pilot biometrics-based payments to enable guests with an expedited checkout experience. Should the pilot stage be successful, a wider rollout would set to be planned for US-based merchant clients in 2024.
When talking about how biometrics-based payments work, following a short, in-store customer enrolment process, the workflow is as follows: the cashier scans the items/the customer uses a self-service terminal, the user scans the palm or face and completes checkout, following which the user receives the receipt. The solution is believed to bring benefits to merchants and their customers alike. For merchants, key benefits include customer sales and loyalty growth, together with the removal of friction from their day-to-day process, whereas for the customer, the payments are phone-free, private, secure, fast, and simple.
What is more, J.P. Morgan Payments launched Commerce Solutions, a next-gen suite of payments infrastructure and applications that aim to help merchants accept consumer and B2B payments across all touchpoints. The launch includes new cloud-based infrastructure for the company’s online and in-store payments APIs, allowing for new tools for developers and technical buyers to find and deploy J.P. Morgan Payments solutions.
As merchants can struggle to maintain and manage a complex technology ecosystem that includes online, in-app, social, and in-store payments, digital wallet, and marketplace payments, the company’s Commerce Solutions best serve its merchant clients, acting as a one-front-door for the needs of commerce and ecommerce clients alike.
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