In a bid to simplify bank account opening process, Airtel Payments Bank, the fintech arm of telecom giant Bharti Airtel, has rolled out Face Authentication-based services for its customers. Airtel Payments Bank is the first Payments Bank in the country to offer such a facility.
As per the details available, the authentication process can be done using a new app of the Unique Identification Authority of India (UIDAI). Bank executives and customers will now just need a smartphone to open a bank account for customers. Face authentication-based e-KYC is available at 500,000 banking points of Airtel Payments Bank in India.
How will it work?
Till recent times, customers who wished to open an account with Airtel Payments Bank, need to go through the Aadhaar-based OTP or fingerprint biometric authentication process. With the current facility, business correspondents would use AI/ML-based Face Authentication RD Application, which will help in the prevention of fraudulent activities by cross-checking an individual’s photo with the image captured in Aadhaar and will allow secure customer onboarding.
Speaking about the launch, Anubrata Biswas, MD & CEO 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."
Airtel Payments Bank, which recently got integrated with the National Payments Corporation of India’s facility, National Financial Switch (NFS), aims to facilitate Micro ATM transactions for debit card users in metro and tier 1 cities.
The Airtel’s fintech unit was one of the first of 11 players to receive a payments bank licence from the Reserve Bank of India way back in 2016. Initially, Bharti and Kotak Mahindra Bank joined hands for the payment platform in an 80:20 partnership. Later, Kotak sold its 8.6% state in the entity to Bharti Enterprises for close to Rs 300 crore last year and subsequently sold the rest. At present, Bharti Airtel Limited and Bharti Enterprises Limited hold a 70:30 partnership in it.
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