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
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
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.”
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.
[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).
The WinePress needs your support! If God has laid it on your heart to want to contribute, please prayerfully consider donating to this ministry. If you cannot gift a monetary donation, then please donate your fervent prayers to keep this ministry going! Thank you and may God bless you.
Great post, you have pointed out some superb points, I likewise believe this s a very wonderful website.
I’m impressed, I have to say. Actually rarely do I encounter a weblog that’s both educative and entertaining, and let me let you know, you could have hit the nail on the head. Your idea is outstanding; the difficulty is one thing that not enough individuals are speaking intelligently about. I’m very blissful that I stumbled across this in my search for something regarding this.
I like this site very much, Its a really nice place to read and receive info .
I really like your blog.. very nice colors & theme. Did you make this website yourself or did you hire someone to do it for you? Plz respond as I’m looking to create my own blog and would like to find out where u got this from. thanks
What’s Taking place i am new to this, I stumbled upon this I’ve found It absolutely helpful and it has helped me out loads. I am hoping to give a contribution & assist other customers like its helped me. Great job.
wonderful post, very informative. I wonder why the other specialists of this sector do not notice this. You must continue your writing. I’m confident, you have a great readers’ base already!
Dead pent subject material, Really enjoyed looking through.
It’s appropriate time to make some plans for the future and it is time to be happy. I have read this post and if I could I want to suggest you few interesting things or suggestions. Maybe you could write next articles referring to this article. I wish to read even more things about it!
Hello, you used to write wonderful, but the last several posts have been kinda boringK I miss your great writings. Past several posts are just a little bit out of track! come on!
I am usually to blogging and i really recognize your content. The article has really peaks my interest. I am going to bookmark your website and maintain checking for brand spanking new information.
Really great visual appeal on this web site, I’d value it 10 10.
You have mentioned very interesting points! ps nice site.
Youre so cool! I dont suppose Ive read anything like this before. So nice to search out any person with some original thoughts on this subject. realy thanks for starting this up. this website is something that’s wanted on the net, someone with a bit of originality. useful job for bringing one thing new to the web!
Some genuinely wonderful content on this website, appreciate it for contribution. “Give me the splendid silent sun with all his beams full-dazzling.” by Walt Whitman.
Hey, you used to write fantastic, but the last few posts have been kinda boringK I miss your great writings. Past few posts are just a little out of track! come on!
My brother suggested I might like this blog. He was totally right. This post actually made my day. You cann’t imagine just how much time I had spent for this information! Thanks!
Magnificent website. Plenty of useful info here. I am sending it to several friends ans also sharing in delicious. And certainly, thanks for your sweat!
Some truly interesting points you have written.Helped me a lot, just what I was looking for : D.
You really make it seem so easy along with your presentation but I to find this topic to be really something that I feel I’d never understand. It kind of feels too complicated and extremely large for me. I am having a look forward for your next post, I¦ll try to get the hold of it!
I like the valuable info you provide in your articles. I’ll bookmark your weblog and check again here frequently. I’m moderately sure I’ll be informed many new stuff right here! Good luck for the following!
hello!,I love your writing very a lot! share we be in contact more approximately your post on AOL? I require a specialist on this space to unravel my problem. May be that is you! Having a look ahead to look you.
Yesterday, while I was at work, my sister stole my iPad and tested to see if it can survive a thirty foot drop, just so she can be a youtube sensation. My apple ipad is now destroyed and she has 83 views. I know this is totally off topic but I had to share it with someone!
Thanks for another informative website. Where else could I get that type of information written in such an ideal way? I’ve a project that I’m just now working on, and I’ve been on the look out for such information.
of course like your website however you need to test the spelling on quite a few of your posts. A number of them are rife with spelling problems and I find it very troublesome to tell the reality on the other hand I will certainly come back again.
I always was concerned in this topic and stock still am, thanks for posting.
It’s hard to find educated people on this matter, however you sound like you understand what you’re speaking about! Thanks
of course like your web-site but you need to take a look at the spelling on quite a few of your posts. Several of them are rife with spelling problems and I to find it very bothersome to tell the reality nevertheless I’ll surely come back again.
I like the helpful information you provide to your articles. I’ll bookmark your weblog and check again here regularly. I’m rather sure I will be informed many new stuff right right here! Good luck for the following!
Thanks – Enjoyed this blog post, is there any way I can get an update sent in an email whenever there is a fresh update?
What i don’t understood is in fact how you’re not really much more neatly-appreciated than you may be right now. You are so intelligent. You know thus significantly relating to this matter, produced me in my view believe it from so many various angles. Its like men and women don’t seem to be fascinated until it is something to do with Woman gaga! Your own stuffs outstanding. At all times care for it up!
I do consider all the ideas you have offered to your post. They are very convincing and can certainly work. Still, the posts are too quick for beginners. Could you please extend them a bit from subsequent time? Thanks for the post.
I consider something truly special in this website.
Does your website have a contact page? I’m having a tough time locating it but, I’d like to shoot you an e-mail. I’ve got some recommendations for your blog you might be interested in hearing. Either way, great website and I look forward to seeing it improve over time.
I’d have to examine with you here. Which is not one thing I usually do! I take pleasure in reading a post that may make folks think. Additionally, thanks for permitting me to comment!
Real great information can be found on weblog. “Life without a friend is death without a witness.” by Eugene Benge.
Merely a smiling visitor here to share the love (:, btw outstanding style and design. “Make the most of your regrets… . To regret deeply is to live afresh.” by Henry David Thoreau.
I just could not go away your web site before suggesting that I actually loved the standard info an individual supply to your guests? Is gonna be again steadily to investigate cross-check new posts
Really nice design and great subject matter, practically nothing else we want : D.
Enjoyed reading this, very good stuff, regards.
Heya i am for the first time here. I found this board and I to find It really useful & it helped me out a lot. I’m hoping to offer something back and aid others like you aided me.
Way cool, some valid points! I appreciate you making this article available, the rest of the site is also high quality. Have a fun.
Today, I went to the beachfront with my kids. I found a sea shell and gave it to my 4 year old daughter and said “You can hear the ocean if you put this to your ear.” She placed the shell to her ear and screamed. There was a hermit crab inside and it pinched her ear. She never wants to go back! LoL I know this is totally off topic but I had to tell someone!
I discovered your blog site on google and check a few of your early posts. Continue to keep up the very good operate. I just additional up your RSS feed to my MSN News Reader. Seeking forward to reading more from you later on!…
Dead composed subject material, thank you for selective information. “The bravest thing you can do when you are not brave is to profess courage and act accordingly.” by Corra Harris.
Tired of Tinnitus or Hearing Problems? Here’s a Natural Solution That’s Changing Lives. Are you constantly bothered by ringing in the ears (tinnitus), hearing difficulties, or sound clarity issues?
Hello my family member! I want to say that this article is amazing, nice written and include almost all significant infos. I¦d like to see more posts like this .
I am glad to be a visitor of this perfect weblog! , thankyou for this rare info ! .
Hi my loved one! I wish to say that this article is amazing, great written and come with approximately all significant infos. I’d like to peer more posts like this.
I like this post, enjoyed this one regards for putting up. “I never let schooling interfere with my education.” by Mark Twain.
What i do not understood is in truth how you are not really a lot more neatly-favored than you may be right now. You’re very intelligent. You understand therefore considerably in the case of this subject, produced me personally believe it from so many varied angles. Its like men and women aren’t fascinated except it¦s one thing to do with Lady gaga! Your personal stuffs nice. At all times take care of it up!