JP Morgan is teaming up with vendor PopID to trial pay-by-face biometric payments with merchants across the US.
Global biometric payments are expected to reach $5.8 trillion and three billion users by 2026, according to Goode Intelligence.
Last year, JP Morgan signalled its intention to bring the technology to its huge merchant client base, partnering biometrics specialist PopID to conduct a series of pilots. Now, the banking giant and PopID are carrying out more testing, removing the need for shoppers to pull out their phones or credit cards.
PopID research shows the platform decreases ordering and check out times by up to 90 seconds per transaction and can increase ticket size by four per cent.
Earlier this year, JP Morgan's executive director of biometrics and identity solutions, Prashant Sharma, signalled the bank's commitment to biometrics.
"We would like every merchant to adopt this, but at the end of the day, it is going to be a merchant’s choice," said Sharma, adding that while "there is a perceived sensitivity" towards biometrics, "we just don’t see this as a big risk".
Commenting on the latest pilots, Jean-Marc Thienpont, MD, omnichannel and biometric solutions, JP Morgan Payments, says: "This is a giant step forward in helping our clients reimagine the entire retail experience for their customers and bringing best-in-class biometrics payments solutions to the market.
"We offer something that is hard to match - the stability, scale and trust of a world-class bank combined with the technology and agility of a fintech."