Federal Bank has launched SmilePay™, India’s first facial recognition-based payment system. SmilePay™ enables customers to make payments using just facial recognition, eliminating the need for cash, cards, or mobile devices.
Key Features and Benefits:
- Innovative Payment System: SmilePay™ is the first of its kind in India, allowing secure and convenient transactions through facial recognition technology.
- Secure Transactions: The system uses UIDAI’s face authentication service to ensure robust security for every transaction.
- Pilot Program: Currently, SmilePay™ is being tested in collaboration with Reliance Retail and Svatantra Micro Housing (SMHFC) at selected branches and outlets.
- User-Friendly: The system is designed with an intuitive interface, making it easy for customers to use.
- Efficiency for Merchants: SmilePay™ enhances transaction efficiency, offering a seamless experience for both customers and merchants.
Expansion Plans: Initially available to Federal Bank customers, there are plans to expand SmilePay™ through future partnerships and strategic initiatives. Federal Bank’s extensive network of over 1500 banking outlets and a strong capital base supports the broader adoption of this innovative payment solution.
The launch of SmilePay™ represents a significant step towards advancing digital payments and creating a more connected financial ecosystem in India.