Photo by Clément Delacre on unsplash
Formula One Gets Boost in Miami Merchandise Sales
May 4, 2024
J.P. Morgan Payments steps up to manage transactions for Formula One merchandise during the Miami Grand Prix, on-site and online.
Teaming up with South Florida Motorsports (SFM), the organizer of the Formula One Crypto.com Miami Grand Prix from May 3-5, J.P. Morgan Payments aims to streamline the purchasing experience for fans.
Takis Georgakopoulos, head of J.P. Morgan Payments, emphasized the role of their payment solutions in enhancing shopping experiences and fostering business growth.
“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, via PYMNTS
Building on last year’s successful pilot of biometric payment authentication technology, where all transactions were processed seamlessly in under a second, SFM extends biometric payments to merchandise shops at the venue. Customers can now check out using palm or face scans, eliminating the need for phones or physical payment methods after a one-time mobile enrollment.
Furthermore, J.P. Morgan Payments powers SFM’s new online retail platform, MIA Shop, broadening access to event merchandise for fans.
Tyler Epp, president of the Formula One Crypto.com Miami Grand Prix, lauded the innovative use of technology, reflecting Formula One’s commitment to advancement.
“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 Crypto.com Miami Grand Prix, via PYMNTS
According to PYMNTS Intelligence, nearly half of online shoppers in the U.S. currently utilize biometric authentication methods, with an additional 15% expressing interest in doing so. Among biometric users, 46% cite faster checkout as a key advantage.
The partnership between J.P. Morgan Payments and SFM signifies a significant step forward in enhancing the Formula One merchandise shopping experience, both at the event and online.
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