J.P. Morgan Payments To Enhance Fan Retail Experience at ...
• Collaboration between South Florida Motorsports (SFM), organizers of FORMULA 1 CRYPTO.COM MIAMI GRAND PRIX, and J.P. Morgan Payments will improve the retail experience for fans, both in-store at the Miami International Autodrome and online
• In 2023, Miami became the first-ever Formula 1® race to use new biometric payment-authentication technology, with 100 percent of the transactions authenticated and processed successfully according to a pilot — paving the way for expanded use across the Miami Campus in 2024 to provide customers with a fast and secure checkout experience
• Launch of an e-commerce retail store with payments powered by J.P. Morgan Payments will expand merchandise to more Miami F1® fans
South Florida Motorsports (SFM), the organizers of the Formula 1 Crypto.com Miami Grand Prix 2024, are delighted to confirm an expanded relationship with J.P. Morgan Payments to enhance the fan retail experience at this year’s race. Through J.P. Morgan Payments’ comprehensive omnichannel payment solutions, SFM is expanding their retail operations both in-store and online, ensuring they can connect with their customers seamlessly, wherever they are.
Last year, the Formula 1 Crypto.com Miami Grand Prix was the first-ever Formula 1 race to use biometric-based payments, an innovative new payment-authentication technology that is dedicated to helping merchants adapt to a fast-moving payment landscape. In the pilot, 100 percent of the transactions were authenticated and successfully processed, allowing fans to pay for merchandise quickly and effortlessly,
with each authentication and payment processed in under a second. SFM is now extending the use of biometric payments within merchandise shops on the Miami Campus at the 2024 race, reducing friction at the point of sale and enhancing the fan experience.
The expansion of biometric payments at this year’s race underscores the collaborative efforts between SFM to redefine retail and J.P. Morgan Payments as an industry leader in providing guests with a faster and secure checkout experience through its suite of leading payments solutions. Once customers complete a brief, one-time mobile enrollment, they can check out in-store quickly without pulling out their phone or a form of payment – a scan of their palm or face is all that is needed to complete a transaction. This solution not only speeds up the checkout process for merchants, but also offers customers a secure, fast, and phone- and card-free payment method, setting a new standard for convenience at the Miami International Autodrome.
In addition to the innovative use of a biometric payment experience, the collaboration between J.P. Morgan Payments and Formula 1 Crypto.com Miami Grand Prix promoter South Florida Motorsports will also include the launch of an e-commerce retail store powered by J.P. Morgan Payments to expand merchandise opportunities to a greater number of Miami Formula 1 fans. The latest initiative builds on the combined efforts to improve customer experience with commerce solutions. In addition, SFM will have access to J.P. Morgan Payments’ Commerce Center, a self-serve portal to configure payment settings, search transaction history and access data and insights on customer purchases. J.P. Morgan Payments’ tools allow merchants to evaluate trends across the entire payments lifecycle. For example, Customer Insights allow merchants to unlock insights about their customers and their purchasing behavior to help boost sales with actionable intelligence, while Merchant Insights help merchants to optimize authorization rates and efficiently manage the cost of payments. The platform helps the Formula 1 Crypto.com Miami Grand Prix to deliver unified and seamless customer experiences powered by a solution that encompasses the best of a fintech and the best of a bank.
“From the beginning of our collaboration with J.P. Morgan Payments, we understood we had a partner with the same commitment to innovation and fan experience that matched our own,” said Tyler Epp, President of the Formula 1 Crypto.com Miami Grand Prix. “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. 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.”
“We’re very excited about the work we are doing with SFM and the Miami Grand Prix,” said Takis Georgakopoulos, Global Head of J.P. Morgan Payments. “The payments solutions we are deploying here will deliver seamless shopping experiences for their fans and demonstrate how a modern, unifiedpayments system can help businesses grow by reimagining their entire retail experience.”J.P. Morgan Payments combines treasury services, trade & working capital, card and merchant services capabilities to help clients pay customers or employees, in different currencies, around the world. It processes nearly $10 trillion payments daily, operating in over 160 countries and over 120 currencies. More information about J.P. Morgan Payments’ solutions is available here.
South Florida Motorsports, the promoters of the Formula 1 Crypto.com Miami Grand Prix, have undertaken several initiatives to enhance the fan experience in Miami since their inaugural event in 2022.
Entering its third year, Miami will boast more on-track action than ever before for this year’s race, including an F1 Sprint in 2024, meaning an extra race will be held on Saturday — guaranteeing three days of competitive Formula 1 action. Miami will also host a round of the dynamic new F1 Academy, the junior series created to find the next female F1 star, as well as the return of the Porsche Deluxe Carrera Cup.
For more information about the enhanced fan retail experience, click here.
