JPMorgan Chase is gearing up to introduce a biometric payment system accessible to the masses. The move comes as banking institutions around the world look to keep up with the ever-changing technological landscape which often includes new payment practices and facial-identification systems. Coming Soon The banking behemoth is set for a widespread launch of an authentication mechanism enabling retail customers to make payments using either facial recognition or palm scanning in the coming year, according to American Banker. This system stems via two trial initiatives conducted with PopID, a biometrics company based in California. JPMorgan, already furnishing point-of-sale solutions to merchants, tested the system in physical stores across the United States and internally at an office cafeteria. When it comes to crypto, JPMorgan has exhibited a varied stance, with CEO Jamie Dimon previously expressing skepticism but later acknowledging potential benefits. The bank has explored blockchain technology and developed its digital currency, JPM Coin, for internal transactions, while also offering some clients access to crypto-related funds. However, JPMorgan has cautioned investors about the risks associated with cryptocurrencies and remains cautious about their widespread adoption. The Future Is Now Jean-Marc Thienpont, the Head of Omnichannel and Biometric Solutions at the bank, asserts that JPMorgan anticipates a reduction in checkout time and an enhancement in security with the aforementioned new system. He emphasizes that biometrics-based payments empower merchant clients to furnish a superior payment experience for customers. Citing a 2023 survey by PYMNTS, it was found that 28% of consumers utilized facial recognition for an online purchase within the past month. Additionally, Goode Intelligence, a business research firm, forecasts that by 2026, 3 billion individuals globally will use biometrics for payments, with transactions amounting to $5.765 trillion annually.
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