Biometric payments is a $6 trillion opportunity (01/2024)
JPMorgan will conduct a pilot of biometric payment technology that enables shoppers to pay by scanning their palms or faces at select US retailers. The initial test will take place at brick-and-mortar stores in the US, with the possibility of extending to the Miami Formula 1 Grand Prix. If the trial is successful, the technology will be extended to more US merchants by 2024.
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JPMorgan has also introduced Commerce Solutions, a payments infrastructure and application suite featuring cloud-based payments technology aimed at assisting merchants in accepting customer and B2B payments.
As part of the payments commerce suite, biometric payments are said to help retailers save time, increase sales, and foster customer loyalty, while for customers, payments are expected to be quick, phone-free, secure, and easy. Win-win!
Why it matters? It’s simple. Biometric payments is a $6 trillion opportunity.
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