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J.P. Morgan Powers Merchandise Payments for Formula One

J.P. Morgan Payments is facilitating purchases of merchandise for a Formula One race in Miami, both in-store and online.

The firm is doing so in an expanded partnership with South Florida Motorsports (SFM), the organizer of the Formula One Miami Grand Prix being held May 3-5, the companies said in a Friday (May 3) press release.

“The payments solutions we are deploying here will deliver seamless shopping experiences for their fans and demonstrate how a modern, unified payments system can help businesses grow by reimagining their entire retail experience,” Takis Georgakopoulos, global head of J.P. Morgan Payments, said in the release.

The expansion of this partnership follows the deployment of biometric payment-authentication technology at the Miami Formula One race in 2023. In that pilot, 100% of the transactions were authenticated and processed successfully, in under a second, according to the release.

This year, SFM is extending the use of biometric payments within merchandise shops at the venue. This will reduce friction at the point of sale by enabling customers to check out with a scan of their palm or face — and no need for their phone or a form of payment — once they have completed a one-time mobile enrollment, the release said.

In addition, J.P. Morgan Payments power SFM’s new eCommerce retail store, MIA Shop, that gives a greater number of fans access to event merchandise, per the release.

“The expansion of biometric-based payments within our retail stores at the Miami International Autodrome is a great example of the innovative technology that the sport of Formula 1 is renowned for, which we want to be reflected across our campus,” Tyler Epp, president of the Formula One Miami Grand Prix, said in the release. “Coupled with the addition of the eCommerce retail store, I am thrilled that, with the support of J.P. Morgan Payments, we will be providing fans with even better experiences in 2024.”

PYMNTS Intelligence has found that nearly half of all online shoppers in the U.S. use some type of biometric authentication method for purchasing online. Another 15% are interested in doing so in the future. 

Among those who use biometrics, 46% said they choose this type of authentication because it enables faster checkout, according to “Tracking the Digital Payments Takeover: Biometric Authentication in the Age of Mobile,” a PYMNTS Intelligence and AWS collaboration.

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