Federal Bank launches SmilePay, a first of its kind facial payment system in India

Federal Bank, a leading private sector bank in India, has introduced SmilePay™, a facial recognition-based payment system, making it the first of its kind in the country. Launched at the Global Fintech Fest by Ms. Shalini Warrier, Executive Director at Federal Bank, SmilePay™ allows customers to complete transactions using facial recognition technology.

SmilePay™ is currently being piloted in collaboration with Reliance Retail and Svatantra Micro Housing (SMHFC) at select branches and outlets. The system is built on the UIDAI’s face authentication service, ensuring secure transactions. This innovation eliminates the need for cash, cards, or mobile devices, offering greater convenience for customers and improved efficiency for merchants.

Mr. V Subramaniam, Director at Reliance Retail, emphasized the alignment of SmilePay™ with the company’s commitment to enhancing customer experiences through technology. Similarly, Mr. Vineet Chattree, Director at SMHFC, highlighted the system's role in providing secure and seamless solutions for their customers.

Key features of SmilePay™ include robust security, user-friendly interface, and the ability to manage transactions efficiently. Initially, the service will be available only to Federal Bank customers, with plans for future expansion and strategic partnerships to increase its reach.

Federal Bank continues to strengthen its position in the market with its extensive network of 1500+ banking outlets and a strong capital adequacy ratio of 16.13% as of March 31, 2024. The bank aims to expand SmilePay™ and similar innovations, contributing to the development of a more connected financial ecosystem in India.