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TLDR:
- JPMorgan plans to launch biometric scanning services for payments in 2025 using facial and palm recognition.
- A former VP at JPMorgan, now working in fintech, raised concerns about the security and privacy implications of this innovation.
Article Summary:
For 20-something British schoolchildren, “biometric payments” may recall memories of your school’s fingerprint scanner in the lunch canteen. The concept is soon to go global, as JPMorgan wants to launch biometric scanning services for payments en masse in 2025 using facial and palm recognition. A former VP at the bank, ‘Alex Rivas-Gale’, who is now European head of product for banking infrastructure fintech ClearBank, expressed concerns about the security measures and privacy implications of this innovation. Rivas-Gale warned that less-equipped banks may struggle to implement similar technologies effectively.
The popularity of biometric payments seems to be on the rise, especially with the youth. Last year, eFinancialCareers held a seminar on fintech for prospective finance students through the Sutton Trust, where one of the most well-received ideas was a debit card with a biometric scanner. This innovation may have significant implications for the future of payment technology, but questions around data security and privacy remain at the forefront of discussions.
Overall, while JPMorgan’s biometric payment innovation may be successful, it raises important considerations about the balance between convenience and security in the financial technology sector.
