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.
It’s been announced that J.P. Morgan, the financial services company, will begin piloting a biometrics payment system in select U.S. retail locations. This biometrics payment system will allow customers to transact with their face or palm, “Its biometrics-based payment pilot includes palm and face identification for payments authentication in-store and works on an enrol-capture-authenticate-pay basis.” (J.P. Morgan)
The new payment system is being touted as a way to “allow for fast, secure and simple checkout experiences for its merchants’ customers”. In their article, they breakdown the use of this new payment system stating that “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 biometrics-based payment system brings to mind Amazon’s palm scanner, Amazon One, used in select Whole Foods stores across the nation for contact-less payments. As I’ve stated in the past, I believe that technology such as this may serve as a means of getting people comfortable with this type of system (i.e. paying with your hand and/or face) before its ultimate fulfillment during the tribulation.
We know from Revelation 13:16-17 that during this future period of time, there will be a system where individuals will need to have a “mark” on their right hand or forehead in order to participate economically in society.
He causes all, both small and great, rich and poor, free and slave, to receive a mark on their right hand or on their foreheads, and that no one may buy or sell except one who has the mark or the name of the beast, or the number of his name. (Revelation 13:16-17)
With this in mind it shouldn’t escape our notice that we’re seeing technology that resembles this system coming into existence now. I want to be clear that I do not believe this technology or others similar to it is the mark of the beast. From scripture, we’re clearly given the context as to when the mark of the beast will come to ultimate fruition – during the 7 year tribulation.
Until the “beast” (the antichrist) himself shows up on the world stage, there will be no “mark of the beast”. I delve into this in-depth in my article, Does the Mark of the Beast Currently Exist?. However, as we see technology and systems that seem to resemble it become more prominent in our time, it should show us how close this portion of the bible is to being fulfilled, and even closer, the rapture of the church.
Ultimately, this should serve as a means of encouragement for the believer as we see our blessed hope draw near (Titus 2:13) and evidence for the skeptic that God’s word is true and should be trusted.
J.P. Morgan to pilot biometrics-based payments for merchants
JPMorgan: Its biometrics-based payment pilot includes palm and face identification for payments authentication in-store and works on an enrol-capture-authenticate-pay basis. Global biometric payments are expected to reach $5.8T and 3B users by 2026, according to Goode Intelligence.
J.P. Morgan Payments’ biometrics pilot offering should allow for fast, secure and simple checkout experiences for its merchants’ customers, delivering a modern payments experience to enhance customer loyalty. As the leading global merchant acquirer, J.P. Morgan Payments is uniquely positioned to enable this solution to meet shopper expectations without compromising security and reliability.
Jean-Marc Thienpont, Head of Omnichannel Solutions, J.P. Morgan Payments said, “At its heart, biometrics-based payments empowers our merchant clients to deliver a better customer payment experience. We are a trusted payments provider and financial institution worldwide, and fully equipped to manage the highly secure identification points that power biometrics solutions. The evolution of consumer technology has created new expectations for shoppers, and merchants need to be ready to adapt to these new expectations.”
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 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 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. Read More
Sources
- J.P. Morgan to pilot biometrics-based payments for merchants (March 23rd, 2023) – jpmorgan.com
- JPMorgan will let consumers pay with their face or palm instead of a card (March 23rd, 2023) – Fortune