JP Morgan To Launch Their Contactless And Facial Recognition Payment System In 2025

The U.S. megabank JP Morgan-Chase recently announced they plan to deploy their proprietary biometric payment systems with their merchants, rivaling the likes of Amazon’s contactless payment terminals.

Nearly one year ago The WinePress reported on JP Morgan’s pilot program for this biometric payment system, which includes “palm and face identification for payments authentication in-store and works on an enrol-capture-authenticate-pay basis,” the megabank explained. JP Morgan would manage customer’s biometric data for future transactions.

The bank added: “After a short customer enrolment process in store, the workflow is; cashier scans items or customer uses self-service terminal, user scans palm or face, user completes checkout, user gets receipt. The solutions [have] benefits for merchants and their consumers. For merchants, the key benefits include customer sales and loyalty growth and the removal of friction from merchants’ day-to-day processes. For the customer, the payments are phone-free, private, secure, fast and simple.”

The evolution of consumer technology has created new expectations for shopping and payments. There are more ways to pay than ever before across an increasing number of channels. And consumers continue to adopt tools like digital wallets and biometric payments to simplify their payment experience. 

J.P. Morgan is uniquely positioned to revolutionize payments online and instore and our investments in technology have unlocked new ways for merchants to offer frictionless payments across any touchpoint. Our Commerce Solutions launch positions us perfectly to help our clients prepare and thrive as the payments landscape continues to transform.

Takis Georgakopoulos, Global Head of Payments, J.P. Morgan, said last year

SEE: JP Morgan-Chase’s CEO Decries ‘You Need Us’, At World Economic Forum Discussing International Banking

Specifically, the bank has partnered with biometrics tech company PopID to help develop their system. PopID has partnered with other large companies around the world to help integrate contactless and biometric payments as well, such as FIFA at the World Cup. The WP highlighted this emerging tech startup in early-2021 where it began to network with small businesses and shops in California.

The bank’s new payment system was trialed last year at the Formula 1 Crypto.com Miami Grand Prix. Identical to Amazon One‘s contactless payment system that allows customers to simply hover their hand over a terminal and pay, JP Morgan is providing something similar or can scan people customer’s faces for instant payment.

In a recent discussion with Payments Dive, Prashant Sharma, executive director of biometrics and identity solutions at JPMorgan, revealed that they are planning on releasing this technology on a much broader scale to their vendors sometime in 2025. Sharma indicated their main focus will be to rollout this technology at grocery stores, restaurants, and other major events and venues.

Sharma noted that in some contexts all that will be needed is a tablet with a camera that can take an image of a shopper’s face.

We would like every merchant to adopt this, but at the end of the day, it is going to be a merchant’s choice.

[Merchants are highly interested in tapping biometrics], because everybody wants to provide a streamlined, personalized experience to the consumer. [Still], there is a perceived sensitivity towards biometrics.

There are certain areas where we will compete, but there are a lot of places where we can collaborate as well. For anything to scale, there has to be industry standards.

This is an area that we will continue to invest in, continue to work in. It will take a little bit of time, but hopefully we get to a point where there is an all-in-one device that can do card, tap, dip plus biometric data acceptance as well.

Sharma said

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The WP also reported earlier this month that the credit card giant VISA has also released their own contactless payment system, mimicking the designs and concepts of Amazon’s and JP Morgan’s terminals.

Last month JP Morgan explained that they plan to further flesh-out the digital payments landscape, in statement to Digital Transactions.

We realized merchants more and more want to provide their customers an experience.

The second thing is we realized is that consumers want a self-centered experience, they want to be recognized.

Jean-Marc Thienpont, managing director of omnichannel & biometric solutions at J.P. Morgan Payments, tells Digital Transactions News. 

“The technology has become more mature from where it was 10 years ago,” Sharma added.

Furthermore, yesterday JP Morgan also announced a new System Integrator Program for companies that specialize in payments consulting, implementation, and operations.

Georgakopoulos said in a blog post: “This program is another critical element in how we are continuing to build a modern Payments business. Organizations are demanding more deeply integrated and embedded solutions that go beyond traditional payments-related pain points. Working with key partners will help us accelerate the new product development and adoption process.”

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AUTHOR COMMENTARY

Everything is going digital rapidly and we know why: it’s a precursor to the mark of the beast. Ultimately, the masses need to get accustomed to paying with just their face and hands before they are eventually integrated with technologies to facilitate transactions.

[16] And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads: [17] And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name. [18] Here is wisdom. Let him that hath understanding count the number of the beast: for it is the number of a man; and his number is Six hundred threescore and six.

Revelation 13:16-18

In the meantime, JP Morgan-Chase, the largest bank in the U.S. by assets – the release of their payment system is congruent with the incoming wave of bank failures, collapsing dollar, and launch of CBDCs, digital IDs, and tokenization.

SEE: Citi Bank Announces Deposits Will Be Converted To Digital Tokens To Better Use Instant Transfer Payment System FedNow

Cash Recall: JP Morgan Partners With Blackrock To Launch Blockchain-Based Tokenized Collateral Network

SEC Approves Bitcoin ETFs In Historic Move. Blackrock’s Larry Fink Says It’s ‘An Asset Class That Protects You,’ Says It’s Next Step To Tokenization

MLB Team Houston Astros To Use Facial Recognition To Quicken Fans’ Entry, Tokenizes Authenticate Fans’ Likeness

Must Read: Top Economist And Professor Reveals That Central Banks Want To Microchip People So They Can Administer CBDCs

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[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).

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