It seems that JP Morgan just piloted face and palm recognition tech in the US. Check out the latest interesting details about this.
Face and palm recognition tech in the US
JP Morgan is testing out biometric-based payments with some of its business customers in the US retail sector to make payments more convenient and secure, as well as to increase take-up of loyalty programmes, according to the latest reports coming from Computer Weekly.
The payments division is running the pilot with selected retail stores and will include the Formula 1 Grand Prix in Miami in May. If this turns out to be successful, there will be a wider roll-out of the technology in the US next year.
“After enrolling, customers will be able to pay for purchases through face or palm scans without the need for a card, phone or cash,” the latest reports note.
Biometric payments schemes will also improve customer loyalty by simplifying how they build up and receive benefits. This is going to boost the take up of loyalty schemes.
“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,” said JP Morgan.
“At its heart, biometrics-based payments empower our merchant clients to deliver a better customer payment experience,” said Jean-Marc Thienpont, head of omnichannel solutions, J.P. Morgan Payments.
“We are a trusted payments provider and financial institution worldwide, and fully equipped to manage the highly secure identification points that power biometrics solutions.”
Bitcoin and US ban
According to the latest reports, it seems that Morgan Creek Capital CIO Mark Yusko says that a US government ban on Bitcoin (BTC) would not stop the king crypto in its tracks.
In a new interview with Paul Barron, the crypto veteran explained the fact that people are wrong when they suggest the government could ban Bitcoin.