(JPMorgan Chief Executive Jamie Dimon)
The bank, home to one of the world’s biggest payment-processing businesses, plans to roll out the service to its broader base of US merchant clients if the pilot program goes well, according to a statement Thursday. The pilot may include a Formula 1 race in Miami as well as some brick-and-mortar stores.
“The evolution of consumer technology has created new expectations for shoppers,” Jean-Marc Thienpont, head of omnichannel solutions for JPMorgan’s payments business, said in the statement. “Merchants need to be ready to adapt to these new expectations.”
“He causes all, both small and great, rich and poor, free and slave, to receive a mark on their right hand or on their foreheads” Revelation 13:16
JPMorgan is seizing on the rising popularity of biometrics technology, which uses unique body measurements to authenticate a person’s identity. The technology is expected to account for roughly $5.8 trillion in transactions and 3 billion users by 2026, JPMorgan said, citing Goode Intelligence.
Here’s how it works: Customers enroll their palm or face through an in-store process. Then, at checkout, they scan their biometric to complete the transaction and get a receipt.
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