Federal Bank, an Indian private sector lender, has introduced SmilePay, a payment system that uses face recognition technology. SmilePay, a payment system that just requires a person's face, was unveiled by Federal Bank Executive Director Shalini Warrier at the Global Fintech Fest. The cutting-edge technology ushers in a new age in Indian finance by doing away with the need for cash, credit cards, or mobile devices. It is based on UIDAI's Bhim Aadhaar Pay platform.
SmilePay is being implemented for the first time in association with two of the largest companies in India, Svatantra Micro Housing (SMHFC) and Reliance Retail. The bank claims that these businesses are the first to give their clients this cutting-edge technology since they have started accepting this new payment option at a few of their stores and locations.
Compared to other payment systems, SmilePay has the following benefits:
- Unrivalled Convenience: Consumers may now make payments using mobile devices, cash, or cards without having to carry actual payment methods. All it takes to make a payment is a face scan.
- Enhanced Merchant Efficiency: The technology guarantees smooth transaction processing at counters and aids in efficient crowd control.
- Sturdy Security: UIDAI's face authentication service powers the technology, guaranteeing a safe and dependable transaction for every user.
- User-Friendly Interface: Customers may simply and quickly complete transactions with the help of a straightforward and intuitive interface.
By submitting the customer's Aadhaar number, retailers can begin payments using SmilePay's FED MERCHANT application. After then, the software scans the user's face with the camera and compares it to facial data that has been saved in the UIDAI system. After verification, the payment is completed instantaneously, with the money being credited to the merchant's Federal Bank account and the amount being taken out of the customer's Aadhaar-seeded account.
The current transaction limits on the system are Rs 5,000 for each transaction and Rs 50,000 for client per month.
SmilePay will initially only be accessible to Federal Bank clients, necessitating the existence of bank accounts for both customers and businesses.
