J.P. Morgan Payments has announced its involvement in facilitating merchandise transactions for the upcoming Formula One race in Miami, both in physical stores and online. This initiative comes as part of an expanded partnership with South Florida Motorsports (SFM), the organizer of the Formula One Crypto.com Miami Grand Prix scheduled from May 3-5.

In a recent press release, Takis Georgakopoulos, global head of J.P. Morgan Payments, highlighted the seamless shopping experiences that the payment solutions being deployed will provide to fans, emphasizing the impact of a modern, unified payments system on enhancing business growth.

This collaboration builds upon the success of the biometric payment-authentication technology pilot that was implemented at the Miami Formula One race in 2023. The pilot boasted a 100% authentication and successful transaction rate, all processed in under a second.

For this year’s event, SFM plans to expand the use of biometric payments within merchandise shops at the venue. Customers will be able to check out using a simple palm or face scan, eliminating the need for a phone or traditional payment method once they complete a one-time mobile enrollment process.

Moreover, J.P. Morgan Payments is powering SFM’s new eCommerce retail store, MIA Shop, granting a wider audience access to exclusive event merchandise.

President of the Formula One Crypto.com Miami Grand Prix, Tyler Epp, expressed excitement about the innovative technology being integrated into the retail experience, aligning with the cutting-edge reputation of Formula 1. Epp emphasized the commitment to providing fans with enhanced experiences in 2024 with the support of J.P. Morgan Payments.

Recent insights from PYMNTS Intelligence reveal that nearly half of online shoppers in the U.S. utilize some form of biometric authentication for online purchases, with an additional 15% expressing interest in adopting this technology in the future. Among biometric users, 46% cited faster checkout as a key driver for opting for this authentication method.

As the Formula One Crypto.com Miami Grand Prix approaches, the integration of biometric payments and the introduction of the MIA Shop promise to elevate the fan experience and streamline the purchasing process both at the event and online.