JPMorgan is testing a way to replace credit cards, using biometric identification as a way for users to pay for purchases.
According to Bloomberg, JPMorgan is experimenting with face and palm recognition as a way for users to identify themselves and make purchases. The pilot program is rolling out to a variety of select merchants, including both brick-and-mortar stores and a possible Formula 1 race in Miami.
“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.”
Customers will be able to enroll their face or palm via an in-store process, paving the way to use their biometrics from that point forward. JPMorgan is also making it possible to link other credit cards and payment methods rather than locking customers into JPMorgan-only cards.
“Being able to roll out this new biometrics-based payments scheme would enhance the race-day experience for our guests, as they will enjoy a new, faster checkout process,” Ramon Peneda, chief information officer for the Formula 1 Crypto.com Miami Grand Prix this year, said in the statement.
