J.P. Morgan Payments introduced two new branded payment terminals, Paypad and Pinpad.
The new payment hardware terminals offer touchless, biometric payment capabilities and help expand J.P. Morgan’s omnichannel commerce ecosystem.
Both Paypad and Pinpad will launch in the U.S. later this year and internationally after that.
JP Morgan Payments launched two new payment terminals this week, J.P. Morgan Paypad and J.P. Morgan Pinpad. The two new hardware terminals will complement J.P. Morgan’s existing omnichannel payments solutions that offer in-store, online, and embedded payments solutions for a wide variety of merchants.
While both products are expected to launch in the latter half of this year in the U.S. and internationally after that, they have different purposes. Paypad is an all-in-one tablet terminal that enables merchants to accept payments with a built-in biometric palm and facial technology that allow users to conduct touchless transactions. Available in an eight-inch touch screen, the portable terminal is set up to accept payments via chip, contactless, swipe, QR code, and biometric authentication via wi-fi or 5G connection.
Like Paypad, Pinpad also accepts chip, contactless, swipe, QR code, or biometric payments. And while the device is only the size of a traditional pinpad, it also offers touchless transactions via palm and facial recognition with a built-in infrared camera.
While J.P. Morgan already supported merchants with a suite of POS terminals, mobile payment solutions, and integrations for card-present transactions, the hardware was provided through Chase Payment Solutions, J.P. Morgan’s merchant services division. In contrast, this week’s launch provides in-house, branded hardware that complements J.P. Morgan payments’ existing commerce ecosystem.
How do the J.P. Morgan’s new Paypad and Pinpad stack up against the competition? Here’s a look at how some of the major POS hardware players in the space compare.
Square
While Square’s offerings provide similar portability, J.P. Morgan’s solutions likely provide better integration for larger enterprises.
Clover
Clover is known for flexibility and a rich app marketplace. It also caters more to small businesses. In contrast, while J.P. Morgan offers tools for small businesses, it tends to target more enterprise customers.
Stripe
Stripe’s POS terminals are known for their strong, developer-centric API integrations. By contrast, JPMorgan’s omnichannel payments solutions offer more support for non-tech-savvy businesses.
Overall, J.P. Morgan’s new Paypad and Pinpad offer enough differentiation from competition in the point of sale realm. What will truly help the firm exceed in its new launch, however, are both its solid reputation and its relationships with its existing customer base.
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