JP Morgan has announced the launch of two proprietary biometric-enabled in-store payment terminals, expected to be available to retailers later this year.
Global biometric payments are projected to reach $5.8 trillion and encompass three billion users by 2026, according to Goode Intelligence. JPMorgan Payments has been conducting pilot programs for over a year as it prepares to introduce this technology to its extensive merchant client base.
The company has introduced the JP Morgan Paypad, a payment tablet, and the JP Morgan Pinpad, a payment pin pad. These devices will allow merchants to securely accept various payment methods, including chip, contactless, swipe, QR code, and, with the addition of facial recognition and infrared palm vein cameras, biometric authentication.
The Paypad and Pinpad are set to be released in the United States in the second half of 2025, with plans for an international rollout to follow.