Biometric payments is a $6T opportunity, & JPMorgan is going after it 😳; Insurance sector is actively exploring the benefits of AI 🤖; Once flirting w unicorns, Railsr was sold at a 99% discount 🤯
FinTech is Eating the World, 29 March
Hey Everyone,
Good morning! Due to tech issues, yesterday’s issue, unfortunately, had to come out late. But boy it’s worth the wait as today we’re looking at biometric payments, which is a $6T opportunity and JPMorgan is going after it (why it matters + a bonus into why JPM is the Microsoft of Banking), insurance sector which actively exploring the benefits of AI (what’s the value there + a bonus on how generative AI will disrupt FinTech & Banking in the next 3 years), and Railsr that was sold at a 99% discount (it was once flirting with unicorns 🦄 This is bad…). Let’s jump straight into the hot stuff 🌶
Biometric payments is a $6 trillion opportunity. And JPMorgan is going after it hard 😳
The news 🗞 It’s JPM. Again. This time the banking giant is trying to capture a growing biometric payments opportunity.
JPMorgan JPM 0.00%↑ will conduct a pilot of biometric payment technology that enables shoppers to pay by scanning their palms or faces at select US retailers. The initial test will take place at brick-and-mortar stores in the US, with the possibility of extending to the Miami Formula 1 Grand Prix. If the trial is successful, the technology will be extended to more US merchants by 2024.
More on this 👉 JPMorgan has also introduced Commerce Solutions, a payments infrastructure and application suite featuring cloud-based payments technology aimed at assisting merchants in accepting customer and B2B payments.
As part of the payments commerce suite, biometric payments are said to help retailers save time, increase sales, and foster customer loyalty, while for customers, payments are expected to be quick, phone-free, secure, and easy. Win-win!
Why it matters? 🤔 It’s simple. Biometric payments is a $6 trillion opportunity. Here’s more on that, the key challenges behind it + the takeaway (& a bonus look into how JPM is crushing it in FinTech & why it’s the Microsoft of Banking):