As technology continues to move away from traditional cash and card payments, JPMorgan Chase has announced plans to implement a new payment system that will allow customers to pay with their palm or face scan. The initiative, which follows other countries such as China in its implementation of biometric recognition payment technology, has been met with some hesitancy from those concerned with privacy issues. But, if the bank’s upcoming pilot program involving a Formula 1 race in Miami and several brick-and-mortar stores is successful, this will be the first real taste of what could be the future of payments for US customers.
China is currently at the forefront of embracing this biometric payment technology; two of its giants, Alibaba and Tencent, created the popular platforms Alipay and WeChat Pay that are used across the country. Part of their success can be attributed to the Chinese government’s initiative to promote digital payments and its development of a nationwide facial recognition database. With this investment in technology, AI, and surveillance, it is no surprise that the Chinese have been able to make headway with this new method of payment.
JPMorgan Chase, which is one of the largest banks in the United States, and the world, is no stranger to innovating the way customers transact. Jean-Marc Thienpont, head of omnichannel solutions for JPMorgan’s payments business, is part of the team spearheading the biometric payment initiative. He believes that the evolution of consumer technology has not only created new expectations, but also offers merchants a way to adapt to those expectations. The Formula 1 Crypto.com Miami Grand Prix, headed by Chief Information Officer Ramon Peneda, is just one of the venues trialing the technology that could transform the race-day experience for its guests.
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