(PresidentialWire.com)- Reports show that in place of standard credit and debit cards, JP Morgan Chase recently revealed plans to trial a new payment system that would enable users to pay using their palm or face.
If the trial test is successful, the bank plans to expand the service to all its merchant customers in the United States, raising privacy concerns among those who have been wary of biometric payments thus far.
Corporations are pushing for biometric technology, which utilizes a person’s unique physical characteristics to verify their identification, to become the standard form of payment worldwide.
A consumer’s palm or face may be enrolled in the new payment system at the point of sale. Customers’ faces or palms are scanned at the register as payment.
Reports show this biometric identification payment system has been widely used in China in recent years. This payment mechanism has revolutionized millions of people’s financial interactions.
China’s spending on AI, surveillance tech, and data has allowed for the creation of cutting-edge face recognition tools. Facial recognition payments are a logical evolution in the cashless society that China is striving to establish, encouraged by the government’s goal for a cashless society.
The Chinese government, however, has been instrumental in the broad acceptance of face-based payment systems. The government has fostered the development of this technology by pushing the use of digital payments and giving regulatory assistance, with the end goal of creating a national face recognition database.
Alipay and WeChat Pay, two of China’s most popular mobile apps, were the first to use face recognition technology for online payments.
According to reports, the user must first register their palm print in order to utilize the technology. After this process is complete, the consumer can make payments in shops that have the scanners.
In related news, the palm print payment system Amazon One is now accessible at three more concession places at Climate Pledge Arena in Seattle, which is home to teams from the National Hockey League (NHL) and the Women’s National Basketball Association (WBA).