The Federal Bank Ltd. has announced the launch of SmilePay, a technology that will allow customers to complete transactions using facial recognition.
The first-of-its-kind payment solution in India utilises advanced facial authentication technology built on Unique Identification Authority of India's BHIM Aadhaar Pay. The product removes the need for traditional payment methods, offering convenience for customers and enhancing efficiency for merchants.
"SmilePay is not just a product, it's a step towards a more connected and efficient financial ecosystem," Shalini Warrier, executive director at a private sector bank, said.
"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," said Indraneel Pandit, chief digital officer at Federal Bank.
Using SmilePay, customers will be able to complete transactions without the need to carry cash, cards or mobile devices. The system is also expected to increase merchant efficiency by facilitating effective crowd management and easy transaction processing at counters. The technology is powered by the UIDAI face authentication service in an attempt to make transactions safe and reliable.
Reliance Retail and Ananya Birla-helmed Svatantra Micro Housing Finance Corp. are among the first organisations to pilot the technology with their customers at select outlets and branches, Federal Bank said.
Speaking on the introduction of the payment system at select Reliance Retail outlets, Director V Subramaniam said: "We are committed to integrating cutting-edge technology that enhances the customer experience. SmilePay aligns perfectly with our vision of offering seamless, secure and innovative solutions to our customers by making the customer journey more intuitive and convenient."
"With a focus on customer-centricity, SMHFC is devoted to providing affordable, convenient, secure and seamless solutions for our customers. We are happy to partner with Federal Bank and confident that the solutions provided by SmilePay represent a truly innovative step in this direction," said Vineet Chattree, director, SMHFC.
SmilePay will initially be available to Federal Bank customers, requiring both merchants and customers to have accounts with the bank. Federal Bank plans to extend the service and explore partnerships to broaden its reach in the future.
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