JPMorgan Chase is set to launch a wide-ranging initiative for biometric payments with retailers in the U.S. early next year, allowing customers to make purchases using scans of their palms or faces.
According to Goode Intelligence, the global market for biometric payments is projected to reach $5.8 trillion and encompass three billion users by 2026. Last year, JPMorgan indicated its plans to introduce this technology to its extensive merchant client base by partnering with biometrics specialist PopID to conduct a series of pilot programs.
Prashant Sharma, JPMorgan’s executive director of biometrics and identity solutions, shared that additional pilots are in the works for this year, paving the way for a broader rollout. “We would like every merchant to adopt this, but ultimately, it will be the merchant’s decision,” Sharma noted.
He acknowledged the perceived sensitivity surrounding biometrics but expressed confidence, stating, “we just don’t see this as a big risk.” Regarding the requirements for merchants to accept biometric payments, Sharma explained that it might take some time, but he anticipates the development of an all-in-one device capable of handling card, tap, dip, and biometric data acceptance.
Meanwhile, Mastercard recently introduced a new service designed to simplify the integration of biometric authentication for businesses, enabling user logins and online purchases. Additionally, Visa has collaborated with PopID to implement facial verification payments. Despite the competition among providers, Sharma emphasized that there are numerous opportunities for collaboration within the industry.