J.P. Morgan Payments and PopID to Expand Biometric Offerings
J.P. Morgan Payments has expanded its partnership with PopID to deploy in-store biometric payments across the US. This pay-by-face solution allows for faster transactions, removing the need for phones or credit cards. Whataburger, already using PopID's biometric payments, plans to extend this service with J.P. Morgan Payments processing.
The system uses facial identification technology for secure customer identification and payment authentication. Customers enroll by taking a facial photo, which is encrypted and stored in PopID's cloud. During transactions, the stored template is matched for verification.
Benefits include decreased ordering and checkout times by up to 90 seconds per transaction and potential increased ticket size by 4%. The solution debuted at the FORMULA 1 CRYPTO.COM MIAMI GRAND PRIX in May 2024, with successful trials in 2023.
J.P. Morgan Payments ha ampliato la sua partnership con PopID per implementare pagamenti biometrici in negozio negli Stati Uniti. Questa soluzione di pagamento tramite riconoscimento facciale consente transazioni più veloci, eliminando la necessità di telefoni o carte di credito. Whataburger, che già utilizza i pagamenti biometrici di PopID, intende estendere questo servizio con il processamento di J.P. Morgan Payments.
Il sistema utilizza tecnologia di identificazione faciale per un'identificazione sicura del cliente e per l'autenticazione del pagamento. I clienti si registrano scattando una foto del viso, che viene crittografata e memorizzata nel cloud di PopID. Durante le transazioni, il modello memorizzato viene confrontato per la verifica.
I vantaggi includono tempi di ordinazione e di pagamento ridotti fino a 90 secondi per transazione e un potenziale aumento della dimensione del ticket del 4%. La soluzione è stata presentata al FORMULA 1 CRYPTO.COM MIAMI GRAND PRIX nel maggio 2024, dopo aver ottenuto prove di successo nel 2023.
J.P. Morgan Payments ha ampliado su asociación con PopID para implementar pagos biométricos en tienda en los Estados Unidos. Esta solución de pago por reconocimiento facial permite transacciones más rápidas, eliminando la necesidad de teléfonos o tarjetas de crédito. Whataburger, que ya utiliza los pagos biométricos de PopID, planea ampliar este servicio con el procesamiento de J.P. Morgan Payments.
El sistema utiliza tecnología de identificación facial para la identificación segura del cliente y la autenticación del pago. Los clientes se inscriben tomando una foto facial, que se cifra y almacena en la nube de PopID. Durante las transacciones, el modelo almacenado se compara para verificación.
Los beneficios incluyen reducción de los tiempos de pedido y pago de hasta 90 segundos por transacción y un posible aumento del tamaño del ticket del 4%. La solución se presentó en el FORMULA 1 CRYPTO.COM MIAMI GRAND PRIX en mayo de 2024, con pruebas exitosas en 2023.
J.P. Morgan Payments는 PopID와의 파트너십을 확장하여 미국 전역에서 매장 내 바이오메트릭 결제를 도입했습니다. 이 얼굴 인식 결제 솔루션은 휴대폰이나 신용카드 없이 더 빠른 거래를 가능하게 합니다. Whataburger는 이미 PopID의 바이오메트릭 결제를 사용하고 있으며, J.P. Morgan Payments의 처리를 통해 이 서비스를 확장할 계획입니다.
이 시스템은 안면 인식 기술을 사용하여 고객의 신원 확인과 결제 인증을 안전하게 수행합니다. 고객은 얼굴 사진을 찍어 등록하며, 이 사진은 암호화되어 PopID의 클라우드에 저장됩니다. 거래 중에는 저장된 템플릿이 인증을 위해 비교됩니다.
이점으로는 주문 및 결제 시간이 최대 90초 단축되고, 티켓 크기 4% 증가 가능성이 포함됩니다. 이 솔루션은 2024년 5월 FORMULA 1 CRYPTO.COM MIAMI GRAND PRIX에서 데뷔했으며, 2023년에 성공적인 시험을 거쳤습니다.
J.P. Morgan Payments a élargi son partenariat avec PopID pour déployer des paiements biométriques en magasin aux États-Unis. Cette solution de paiement par reconnaissance faciale permet des transactions plus rapides, éliminant le besoin de téléphones ou de cartes de crédit. Whataburger, qui utilise déjà les paiements biométriques de PopID, prévoit d'étendre ce service avec le traitement de J.P. Morgan Payments.
Le système utilise la technologie d'identification faciale pour une identification sécurisée du client et une authentification de paiement. Les clients s'inscrivent en prenant une photo de leur visage, qui est cryptée et stockée dans le cloud de PopID. Lors des transactions, le modèle enregistré est comparé pour vérification.
Les avantages incluent des temps de commande et de paiement réduits jusqu'à 90 secondes par transaction et un potentiel augmentation de la taille du ticket de 4%. La solution a été présentée lors du FORMULA 1 CRYPTO.COM MIAMI GRAND PRIX en mai 2024, après des essais réussis en 2023.
J.P. Morgan Payments hat seine Partnerschaft mit PopID erweitert, um biometrische Zahlungen in Geschäften in den USA einzuführen. Diese Gesichtserkennung-Zahlungslösung ermöglicht schnellere Transaktionen, wodurch die Notwendigkeit von Handys oder Kreditkarten entfällt. Whataburger, das bereits die biometrischen Zahlungen von PopID nutzt, plant, diesen Service durch die Verarbeitung von J.P. Morgan Payments auszuweiten.
Das System verwendet Gesichtserkennungstechnologie zur sicheren Identifizierung des Kunden und zur Authentifizierung der Zahlung. Kunden melden sich an, indem sie ein Gesichtsfoto machen, das verschlüsselt und in der Cloud von PopID gespeichert wird. Während der Transaktionen wird die gespeicherte Vorlage zur Verifizierung abgeglichen.
Die Vorteile beinhalten eine Verkürzung der Bestell- und Zahlungszeiten um bis zu 90 Sekunden pro Transaktion und ein potenzielles Wachstum der Ticketgröße um 4%. Die Lösung wurde beim FORMULA 1 CRYPTO.COM MIAMI GRAND PRIX im Mai 2024 vorgestellt, nachdem im Jahr 2023 erfolgreiche Tests durchgeführt wurden.
- Partnership expansion with PopID to deploy biometric payments across the US
- Potential to decrease ordering and checkout times by up to 90 seconds per transaction
- Possible increase in ticket size by 4% with biometric payments
- Successful proof of concept at FORMULA 1 CRYPTO.COM MIAMI GRAND PRIX in 2023
- J.P. Morgan Payments reported $18.3 billion in revenue in 2023, up 31% from 2022
- None.
Insights
J.P. Morgan Payments' collaboration with PopID marks a significant advancement in biometric payment solutions. This partnership could potentially disrupt traditional payment methods and reshape the retail landscape. The integration of facial recognition technology for payments aligns with the growing trend of contactless and frictionless transactions, which has accelerated post-pandemic.
Key points to consider:
- Whataburger's adoption indicates real-world applicability and scalability of the technology.
- The reported
4% increase in ticket size and 90-second reduction in transaction times could translate to substantial revenue growth and operational efficiencies for merchants. - J.P. Morgan's involvement lends credibility and addresses security concerns, potentially accelerating adoption rates.
While promising, investors should monitor consumer acceptance, regulatory scrutiny and competition from other biometric payment solutions. The success of this venture could position J.P. Morgan as a leader in next-generation payment processing, potentially boosting its market share and revenue in the
The expansion of biometric payments through J.P. Morgan and PopID's partnership represents a pivotal shift in retail operations. This technology addresses two critical pain points in the industry: transaction speed and customer loyalty engagement.
Key implications for retailers:
- Reduced checkout times could significantly improve throughput, especially important for quick-service restaurants like Whataburger.
- The seamless loyalty program integration may enhance customer retention and data collection capabilities.
- Potential for increased average transaction value (
4% reported) could boost overall revenue.
However, retailers must consider the initial investment costs and potential customer hesitation regarding privacy. The success at high-profile events like the FORMULA 1 MIAMI GRAND PRIX suggests promising consumer acceptance in certain contexts. Retailers adopting this technology early may gain a competitive edge, but should also prepare for potential challenges in implementation and customer education.
The biometric payment solution offered by J.P. Morgan and PopID presents both opportunities and challenges from a security perspective. While it promises enhanced convenience, several critical security aspects warrant attention:
- Data encryption and storage: The security of biometric templates in PopID's cloud is paramount. Any breach could have severe consequences.
- Consent and privacy: The opt-in/opt-out feature is important for compliance with data protection regulations.
- Authentication accuracy: The system's ability to prevent false positives is critical to maintain security integrity.
J.P. Morgan's reputation and resources likely ensure robust security measures. However, as biometric data is irreplaceable unlike passwords, any vulnerabilities could have long-lasting impacts. The technology's success will hinge on maintaining a delicate balance between convenience and ironclad security. Continuous security audits and transparency about data handling practices will be essential to build and maintain consumer trust in this innovative payment method.
Whataburger to extend PopID’s biometric payments solution with payments processing powered by J.P. Morgan Payments
The pay-by-face biometric payment solution allows shoppers to complete transactions more seamlessly, removing the need for customers to pull out their phones or credit cards. Biometric loyalty program check-in and payment provides a swift ordering and checkout experience for merchants and customers alike. PopID research has shown the platform decreases ordering and check out times by up to 90 seconds per transaction and can increase ticket size by 4 percent.
“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,” said Jean-Marc Thienpont, Managing Director, Omnichannel & Biometric Solutions at J.P. Morgan Payments. “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.”
Clients will also benefit from the expanded collaboration between J.P. Morgan Payments and PopID. Whataburger, which already accepts biometric payments through PopID’s solution, plans to extend biometric payments with payments processing powered by J.P. Morgan Payments.
“We are excited to continue to embrace biometric payments to help us revolutionize the way our customers purchase their favorite food reliably and securely,” said Jerry Phillips, VP of Technology, Whataburger. “At Whataburger, we believe in innovation, and this marks a significant step forward in enhancing our overall dining experience. This new offering allows us to provide a faster, safer and seamless checkout process for our valued guests, backed by the stability of an established financial institution.”
Whataburger has already seen a positive impact with faster checkout times and increased loyalty engagement at the counter and on self-ordering kiosks. After registering for biometric loyalty and payment in the Whataburger mobile app, guests no longer need to pull out their mobile phones and scan the QR code to check into the loyalty program or further authenticate payment, which is done through a biometric scan.
How it works:
The J.P. Morgan Payments biometric checkout solution is powered by PopID, which uses enhanced facial identification technology to create a secure, reliable and convenient method for customer identification and payment authentication. During enrollment, the customer takes a photo of their face that is converted into a template, encrypted and securely stored in the PopID cloud. When a purchase is initiated, the template of the transaction is matched against the template stored in the cloud and informs the result of the match to the merchant. As a merchant-agnostic solution, customers can utilize their facial biometrics at any participating pilot merchant once they enroll. The solution is consent-driven and customers can opt-in and out of the program at any time at their discretion.
“We are thrilled to continue working with J.P. Morgan Payments to deliver enhanced biometric check in and payment solutions to merchants,” said John Miller, CEO at PopID. “We’ve seen a remarkable increase in speed and a rise in customer loyalty when biometric technology is available. Allowing people the freedom to authenticate loyalty and pay how they want, while leveling up security, is critical to today’s consumer.”
South Florida Motorsports (SFM), the organizers of the FORMULA 1 CRYPTO.COM
Offering end-to-end payment processing and comprehensive security and fraud protection from one of the world’s most trusted banks, J.P. Morgan Payments provides fintech with foundation to help organizations grow, diversify and thrive.
J.P. Morgan Payments combines treasury services, trade & working capital, card and merchant services capabilities to help clients pay customers or employees, in different currencies, around the world. It processes nearly
About J.P. Morgan’s Corporate & Investment Bank
J.P. Morgan’s Corporate & Investment Bank is a global leader across banking, markets and securities services. The world’s most important corporations, governments and institutions entrust us with their business in more than 100 countries. With
About PopID
PopID, a majority owned subsidiary of Cali Group, aims to be the universal gateway for verifying an individual’s identity based on face for applications such as loyalty and payment. Through PopID’s merchant solutions, consumers can use biometric checkout at more than 380 locations of quick serve restaurants and retailers across
About Whataburger
Whataburger serves up Goodness 24/7. Our original recipes are made to order, just like you like it, and we pride ourselves on extraordinary hospitality and meaningful connections in our communities. That’s what’s led fans to Whataburger since Harmon Dobson served our first customer in 1950. Headquartered in
View source version on businesswire.com: https://www.businesswire.com/news/home/20240806001182/en/
Media Contacts
J.P. Morgan Payments
Nadine Youssef, nadine.n.youssef@jpmorgan.com
PopID
Sean Olson, sean@popid.com
Whataburger
WhatburgerPR@wbhq.com
Source: JPMorgan Chase & Co.
FAQ
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