F1: J.P. Morgan may pilot biometrics-based payments at Miami GP
J.P. Morgan will begin piloting biometrics-based payments with select retailers in the U.S. This is the first pilot solution to launch from J.P. Morgan Payments’ new Commerce Solutions suite of products, dedicated to helping merchants adapt to the rapidly evolving payments landscape.
Its biometrics-based payment pilot includes palm and face identification for payments authentication in-store and works on an enrol-capture-authenticate-pay basis.
The first pilots will be run with brick-and-mortar stores in the U.S., and potentially includes the Formula 1 Crypto.com Miami Grand Prix, which is planning to be the first Formula 1 race to pilot biometrics-based payments to provide guests with a faster checkout experience.
“We’re delighted to work with J.P. Morgan Payments for this exciting and innovative technology,” said Ramon M Peneda, VP & Chief Information Officer of Formula 1 Crypto.com Miami Grand Prix 2023. “Formula 1 prides itself on pioneering solutions and state-of-the-art technology and 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. Our mission at the Miami International Autodrome is to offer our guests a best-in-class experience and this offering helps us deliver on that commitment.”
If the pilot stage is successful, a wider rollout would be planned to U.S. merchant clients in 2024.
How do biometrics-based payments work?
After a short customer enrollment 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 has a 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.
Takis Georgakopoulos, Global Head of Payments, J.P. Morgan said, “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 in-store 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.”