Business EconomyPosted at: Aug 29 2024 6:40PM


Federal Bank first Indian Bank to launch SmilePay

Kolkata, Aug 29 (UNI) The Federal Bank, India’s leading private sector bank, has announced the launch of SmilePay.
This groundbreaking technology will allow customers to complete transactions using only their faces.
"This revolutionary product, unveiled as we enter India's 78th year post-Independence, marks a significant milestone in the country's journey towards financial freedom and convenience," according to a media statement here on Thursday.
The launch of SmilePay happened at the Loo Fintech Fest by Shalini Warrier, Executive Director, Federal Bank.
Two of India’s largest corporate houses, 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 and branches.
SmilePay is the first-of-its-kind payment solution in India, utilising advanced facial authentication technology built on the UIDAI’s Bhim Aadhaar Pay. This revolutionary product eliminates the need for traditional payment methods, offering unmatched convenience for customers and enhanced efficiency for merchants.
"SmilePay is not just a product; it's a step towards a more connected and efficient financial ecosystem," said Shalini Warrier, Executive Director at Federal Bank. "We're 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, 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.
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