If you have a bank account with Federal Bank, there’s some exciting news for you. Federal Bank has introduced a new payment system called SmilePay.
With SmilePay, you can make payments just by smiling at a camera. This means you won’t need cash, a card, or even a mobile phone for transactions.
Currently, this service is available at selected branches and through Reliance Retail and Ananya Birla’s Independent Micro Finance.
How SmilePay Works
SmilePay is starting as a pilot project. It is based on the ‘BHIM Aadhaar Pay’ system, which uses biometric data to process transactions linked to your Aadhaar number.
The system uses a secure facial recognition technology provided by UIDAI. Here’s how SmilePay functions:
Payment Process: When making a purchase, you choose SmilePay at checkout.
The merchant uses the FED MERCHANT app to enter your Aadhaar number and scan your face. The facial recognition technology matches your face with the UIDAI database.
Transaction Completion: If your identity is verified, the payment is processed immediately, and the amount is deducted from your account.
The money is transferred to the merchant’s Federal Bank account. You will receive a confirmation once the payment is complete.
Features and Benefits of SmilePay
SmilePay offers several benefits:
Convenience: You can make transactions without needing cash, a card, or a mobile phone.
Efficiency: It reduces counter congestion by streamlining the payment process.
Security: Transactions are secure thanks to UIDAI’s facial recognition system.
Exclusive Access: Currently, SmilePay is available only to Federal Bank customers, and both merchants
and customers need to have accounts with the bank. Federal Bank plans to expand this feature in the future.
