Private sector lender Federal Bank has introduced SmilePay, a facial payment system. This innovative technology enables customers to complete transactions effortlessly by simply smiling at the camera, revolutionizing the payment experience.
Leveraging Bhim Aadhaar Pay’s technology, SmilePay offers a seamless and secure way to conduct transactions. The initial rollout of SmilePay is being conducted in collaboration with Reliance Retail and Svatantra Micro Finance at select branches and outlets.
The launch was announced by Shalini Warrier, Executive Director of Federal Bank, at the Global Fintech Fest, marking a milestone in India’s financial evolution.
Key features and benefits of SmilePay:
Unmatched Convenience: Customers can complete transactions without the need to carry cash, cards, or mobile devices.
Enhanced Merchant Efficiency: Facilitates effective crowd management and seamless transaction processing at counters.
Robust Security: Powered by the secure UIDAI face authentication service, ensuring safe and reliable transactions.
User-Friendly: A simple, intuitive interface requiring only a facial scan to complete a purchase.
Availability and future expansion:
SmilePay will initially be available exclusively to Federal Bank customers, requiring both merchants and customers to have accounts with the Bank. Federal Bank plans to extend the service and explore strategic partnerships to broaden its reach in the near future.
SmilePay: Pioneering a new era of facial authentication payments
Two of India’s largest corporate houses, Reliance Retail and Ananya Birla-helmed Svatantra Micro Housing (SMHFC), are among the first to pilot this innovative technology with their customers at select outlets / branches.
SmilePay is the first-of-its-kind payment solution in India, utilizing advanced facial authentication technology built on the UIDAI’s Bhim Aadhaar Pay. This revolutionary product eliminates the need for traditional payment methods, offering unmatched convenience for customers and enhanced efficiency for merchants.
“SmilePayTM is not just a product; it’s a step towards a more connected and efficient financial ecosystem,” said Shalini Warrier, Executive Director at Federal Bank. “We’re excited to see how this technology will transform the banking experience for our customers.”
“The concept of moving from cash to cards to QR codes to wearables, and now just a smile to pay, is an exciting Customer Experience in the making,” added Indraneel Pandit, CDO, Federal Bank.