\n<\/p>\n
JPMorgan Chase is expected to launch biometric payments, as it is currently involved in several pilot programs for the technology.<\/p>\n
Last year, JPMorgan announced<\/a> a biometric payment pilot program using \u201cpalm and face identification.\u201d<\/p>\n \u201cJ.P. Morgan Payments\u2019 biometrics pilot offering should allow for fast, secure and simple checkout experiences for its merchants\u2019 customers, delivering a modern payments experience to enhance customer loyalty,\u201d JPMorgan said at the time. \u201cAs the leading global merchant acquirer, J.P. Morgan Payments is uniquely positioned to enable this solution to meet shopper expectations without compromising security and reliability.\u201d<\/p>\n Merchants are interested in biometric scans, according to Prashant Sharma, executive director of biometrics and identity solutions at JPMorgan.<\/p>\n \u201c[E]verybody wants to provide a streamlined, personalized experience to the consumer,\u201d Sharma said<\/a>.<\/p>\n According to an ABI Research report on \u201cBiometric Technologies and Applications,\u201d the biometric industry is expected to grow from $7 billion in 2022 to $9 billion in 2027.<\/p>\n Research analyst for ABI Research Lucas Steward\u00a0said<\/a>\u00a0in a statement, \u201cGiven convenience and user experience, we see a trend of biometric verification often going through a personal device where possible, that being using your smartphone or other to capture or verify your own biometric data, where apps and web pages increasingly incorporate biometric means of authentication as a password replacement or way to verify oneself.\u201d<\/p>\n \u201cAlongside the usability factor, this trend is underpinned by a clear need for mobility,\u201d he continued. \u201cIn terms of standalone biometric devices, the need for mobility in these larger scale kits manifests with movement toward more handheld and portable devices.\u201d<\/p>\n Biometric technology is not without privacy concerns, however.<\/p>\n In 2022, German security researchers purchased<\/a> a biometric capture device from eBay for $68, only to discover that it contained sensitive military data.<\/p>\n German security researcher Matthias Marx noted the importance of properly securing and disposing of sensitive data to prevent it from falling into the wrong hands. \u201cThe irresponsible handling of this high-risk technology is unbelievable,\u201d he said. \u201cIt is incomprehensible to us that the manufacturer and former military users do not care that used devices with sensitive data are being hawked online.\u201d<\/p>\n