Airtel Payments Bank Announces E-KYC-Based ‘Face Authentication’ for Opening Saving Accounts
The payments bank said the new facility would help business correspondents (BCs) of the bank to open an account just by undertaking face authentication through electronic know-your-customers (e-KYC).
New Delhi, November 22: Airtel Payments Bank on Tuesday announced the launch of face authentication-based savings bank account opening for customers. The payments bank said the facility would further ease the account-opening, making it seamless and convenient for customers.
Airtel Payments Bank is the first Payments Bank in the country to offer this facility.
The payments bank said the new facility would help business correspondents (BCs) of the bank to open an account just by undertaking face authentication through electronic know-your-customers (e-KYC).
The authentication is processed using a newly developed mobile application by the Unique Identification Authority of India (UIDAI), the payments bank said, adding that, the business correspondent will now only need a smartphone to open an account. The bank will make this facility available across all its 500,000 banking points by the end of this year, it said. How to Watch FIFA World Cup 2022 Live Commentary & Coverage in Bangla, Malayalam and Tamil? Argentina vs Saudi Arabia, Denmark vs Tunisia, Mexico vs Poland and France vs Australia Live Streaming Online on Jio Cinema.
Anubrata Biswas, Managing Director and Chief Executive Officer of Airtel Payments Bank, said, "We at Airtel Payments Bank believe in strengthening our bouquet of digital services with the latest technology and provide our customers access to improved digital banking solutions which are user-friendly. This safe and secure authentication process has been made possible by the efforts of the UIDAI, which is a huge step in furthering the cause of inclusive banking in the country."
Till now, if a customer wished to open an account with Airtel Payments Bank, the Aadhaar-based OTP (one-time password) or fingerprint biometric authentication was carried out. "This KYC facility uses AI/ML (artificial intelligence/machine learning)-based face authentication RD Application, which helps in the prevention of fraudulent activities by cross-checking individual's photo with the image captured in Aadhaar and allows secure customer onboarding," added Anubrata Biswas. India Records 13-Month High in Median Mobile, Fixed Broadband Download Speed in October: Report.
In July 2022, the Unique Identification Authority of India (UIDAI) launched Aadhaar Face RD app that will enable Aadhaar cardholders to authenticate one's unique 12-digit identity number using one's face. This is Airtel Payments Bank's one more initiative after it recently integrated with the National Payments Corporation of India's (NPCI) -- National Financial Switch (NFS) to facilitate micro ATM transactions for debit card users residing beyond the metro and tier I cities in India, according to the company's statement. Airtel Payments Bank is a subsidiary of Bharti Airtel. Business correspondents are retail agents engaged by banks for providing banking services at locations other than a bank branch/ATM.
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