Federal Bank launches India’s first facial payment system, SmilePay™

By Gloria Methri

India’s Federal Bank has launched SmilePay™, a facial authentication technology that will enable customers to complete transactions using only their faces.

It is a first-of-its-kind payment solution in India, utilising advanced facial authentication technology and built on UIDAI’s BHIM Aadhaar Pay. The product eliminates the need for traditional payment methods, offering unmatched convenience for customers and enhanced efficiency for merchants.

SmilePay™ was launched at the Global Fintech Fest by Shalini Warrier, Executive Director, Federal Bank. 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 not just a product; it is a step towards a more connected and efficient financial ecosystem,” said Shalini Warrier, Executive Director at Federal Bank. “We are 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.

Speaking on the introduction of the payment system at select Reliance Retail outlets, V Subramaniam, Director of Reliance Retail, said, “At Reliance Retail, 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.”

“Aligned with Ananya Birla’s vision, Svatantra Micro Housing (SMHFC) helps create intergenerational equity by facilitating home-asset acquisition. 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.

Key Features and Benefits of SmilePay™ include:

• 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.

SmilePay™ will initially be available exclusively to Federal Bank customers, requiring both merchants and customers to have accounts with the Bank. The bank plans to extend the service and explore strategic partnerships to broaden its reach soon.