JP Morgan is partnering with provider PopID to test biometric pay-by-face payments at merchants across the US.
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According to Goode Intelligence, global biometric payments are expected to reach $5.8 trillion and three billion users by 2026.
Last year, JP Morgan announced its intention to bring the technology to its huge commercial customer base, working with biometrics specialist PopID to run a series of pilot projects. Now the banking giant and PopID are conducting further testing so shoppers no longer have to pull out their phone or credit card.
Research from PopID shows that the platform reduces order and checkout time by up to 90 seconds per transaction and can increase ticket size by four percent.
Earlier this year, Prashant Sharma, executive director of biometrics and identity solutions at JP Morgan, signaled the bank’s commitment to biometrics.
“We want every merchant to adopt this, but at the end of the day it remains the merchant’s decision,” said Sharma, adding that while there is “a perceived sensitivity” to biometric data, “we just don’t see it.” There’s a big risk in that.”
Commenting on the latest pilots, Jean-Marc Thienpont, Managing Director of Omnichannel and Biometric Solutions at JP Morgan Payments, said: “This is a big step forward in helping our customers redesign and best-in-class the entire retail experience for their customers to offer biometric payment solutions to the market.
“We offer something that is hard to beat – the stability, scale and trust of a world-class bank combined with the technology and agility of a fintech.”
