New Delhi, August 30: Federal Bank has introduced a new payment method called SmilePay to enable its customers to make transactions by using facial recognition technology. SmilePay by Federal Bank is expected to change the way payments are made by introducing facial recognition technology, eliminating the need for physical payment tools like cards and cash. The new feature integrates the BHIM Aadhaar Pay system to offer a seamless and secure payment experience for its customers.

As per the information available on the official website, Federal Bank has launched SmilePay to revolutionise payments by using facial recognition technology. The new feature allows customers to make payments without the need for physical tools like cards or cash. SmilePay is a service that uses a biometric-based system to make payments between customers and merchants. NPCI Working on Advanced Technologies To Identify and Curb ‘Money Mule’ Accounts Amid Rising of Financial Crime, Fraud.

It uses the BHIM Aadhaar Pay platform, which is powered by NPCI (National Payments Corporation of India). The application enables secure and convenient payments by using biometric data. Customers who are associated with Federal Bank can access the service through the bank's merchant app called FED MERCHANT.

SmilePay Features

SmilePay enhances convenience by enabling completely contactless payments and reducing physical contact. SmilePay uses Facial recognition technology with biometric methods to minimise fraud and unauthorised transactions. SmilePay uses advanced techniques to ensure the system cannot be tricked by photos or videos for a reliable verification process. The application also leads to faster transactions to provide a better customer experience at checkout. Additionally, SmilePay is compatible with Point-of-Sale (POS) systems for making it easy for merchants to implement and use.

How SmilePay Works

The application lets merchants accept digital payments from customers using Aadhaar authentication and face recognition. It allows FBL merchants to receive payments from customers of any bank by verifying their facial biometrics. Merchants need to link their Aadhaar with their bank account to use the application. Customers should have a valid bank account connected to Aadhaar and should have enough balance to complete a transaction successfully.

Customers who have the FED MERCHANT app on their mobile phones can use SmilePay as a payment method when they shop at merchants affiliated with Federal Bank. The merchant can initiate the payment by entering the customer's Aadhaar number into the FED MERCHANT app. The merchant's mobile camera scans the customer's face to verify their identity using the facial data stored in the UIDAI system. Reliance Bonus: RIL To Consider 1:1 Bonus Issue for Equity Shareholders in Board Meeting on September 5, Details Here.

Once the customer's identity is verified, the payment is processed immediately. The customer's Aadhaar-linked account is debited, and the merchant's account with Federal Bank is credited. The FED MERCHANT app generates a voice alert to inform the merchant that the transaction is complete. Currently, there is a limit of INR 5,000 per transaction and INR 50,000 per month for each customer.

(The above story first appeared on LatestLY on Aug 30, 2024 11:44 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).