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Biometric Technology Consumers To Pay With Their Face Or Palm Instead Of Card

Joe

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Biometric Technology Consumers To Pay With Their Face Or Palm Instead Of Card


The JPMorgan BIOMETRIC TECHNOLOGY: Is developed in a way where consumers are to make payments with their face or palm instead of a card or cash. Thereby giving rise to Biometric technology, and any other technology predicted to rule the world of fintech in the coming years

JPMorgan is seizing on the rising popularity of biometrics technology, which uses unique body measurements, such as face recognition and palm to authenticate a person’s identity.

As multiple reports have it that JPMorgan Chase & Co. is planning to test the new biometric technology that would let consumers pay with their palms or faces at certain US merchants.

The bank, home to one of the world’s biggest payment-processing businesses, plans to roll out the service to its broader base of US merchants, clients, and users if the pilot program goes well, according to a statement released on Thursday. The pilot may include a Formula 1 race in Miami as well as some brick-and-mortar stores across the United States.

Making us believe that the age of Biometric technology is near "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 a press release. “Merchants need to be ready to adapt to these new expectations.” As well as the global world, starting across the United States Of America

JPMorgan is seizing on the rising popularity of biometrics technology to better the world economy, a type of technology that uses unique body measurements to authenticate a person’s identity. The technology is expected to account for roughly $5.8 trillion United States dollars in transactions and 3 billion users by 2026, JPMorgan said, citing Goode Intelligence.

Here’s how is how the biometric technology works:

A person (Customer) enrolls their palm or face through an in-store process. Then, at checkout, they scan their biometrics to complete the transaction and get a receipt on time prompt

The new offering is from JPMorgan’s sprawling payments business, which competes with the likes of Fidelity National Information Services Inc. and Fiserv Inc. to offer payment-processing technology to e-commerce sites and retailers around the world.

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The technology isn’t just for JPMorgan cardholders. Consumers will be able to link many different forms of payment to JPMorgan’s new system once the system is finally released

“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 technology with a faster checkout process and more important that is more users secured,” Ramon Peneda, chief information officer for the Formula 1 Crypto.com Miami Grand Prix this year, said in the statement. I'm @Joe Reporting from Worldforumlive.com

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