JPMorgan Test Will Ditch Cards To Let Consumers Pay with Palm or Face Instead

JPMorgan Chase is planning to test new technology that would let consumers pay with their palms or faces at certain US merchants. From a report: 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 merchant clients if the pilot program goes well, according to a statement Thursday. The pilot may include a Formula 1 race in Miami as well as some brick-and-mortar stores. "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 the statement. "Merchants need to be ready to adapt to these new expectations." JPMorgan is seizing on the rising popularity of biometrics technology, which uses unique body measurements to authenticate a person's identity. The technology is expected to account for roughly $5.8 trillion in transactions and 3 billion users by 2026, JPMorgan said, citing Goode Intelligence. Here's how it works: Customers enroll their palm or face through an in-store process. Then, at checkout, they scan their biometric to complete the transaction and get a receipt.

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