Airtel Payments Bank has introduced face authentication-based e-KYC. Earlier, when a user wanted to open an account, they had to link their Aadhar card to it, followed by OTP verification or biometric fingerprint authentication. But now bank accounts can be opened using face verification and it will ensure a handy and smooth user experience making it one of its kind, primary provider of such facility.
“This safe and secure authentication process has been made possible by the efforts of the UIDAI, which is a huge step in furthering the cause of inclusive banking in the country,” Anubrata Biswas, CEO & MD of Airtel Payments Bank said in a statement, adding that “this KYC facility uses AI/ML based Face Authentication RD Application, which helps in the prevention of fraudulent activities by cross-checking individual’s photo with the image captured in Aadhaar and allows secure customer onboarding.”
The announcement comes days after Airtel Payments Bank announced collaboration with the National Payments Corporation of India’s (NPCI) – National Financial Switch (NFS) to facilitate ATM transactions for non-residents of metropolitan cities of the country and bring government’s idea of inclusivity to life by making digital banking easy for users.
This has also made newly introduced digital banking convenient to Indian users. This option will be open to users across India upon reaching 500,000 banking points making digital banking inclusive. Banking correspondents can open accounts on behalf of the users using the same face authentication feature.
It is yet to get reviews from users. As people are keen to avail this new feature, banking organizations are all set to work on this feature as well.