Curated By: Business Desk
Last Updated: September 08, 2023, 17:29 IST
Airtel Payments Bank commenced operations in January 2017.
This new feature will enable users to digitally open an account through face authentication e-KYC.
Airtel Payments Bank has unveiled plans to introduce Face Authentication-based savings account opening through the Airtel Thanks App. Expected to be operational by the close of 2023, this feature will enable users to digitally open a bank account with Airtel Payments Bank within minutes, utilizing facial biometrics for e-KYC. Notably, Airtel Payments Bank stands as the pioneering institution to test this innovative feature on its mobile app.
The authentication process will leverage the mobile application developed by the Unique Identification Authority of India (UIDAI). Airtel Payments Bank, in collaboration with UIDAI, showcased the simplicity and security of this innovative account-opening process at the Global Fintech Fest.
Anubrata Biswas, MD & CEO of Airtel Payments Bank, stated, “Face authentication for e-KYC offers a secure, swift, and paperless solution, ensuring a seamless digital account-opening experience. Moreover, this technology harnesses India’s Digital Public Infrastructure, significantly reducing operational costs and expanding accessibility, thereby advancing the cause of Digital India.”
He further stated that they have strong confidence in the value this service will bring to the customers and extend our gratitude to the Unique Identification Authority of India for their unwavering support and collaboration, making this pioneering facility accessible to India.”
This KYC feature employs a state-of-the-art AI/ML-based Face Authentication RD Application, bolstering security by verifying an individual’s photo against their Aadhaar image. This rigorous procedure ensures a secure and dependable customer onboarding process, effectively deterring fraudulent activities.
In the past, customers looking to open a digital account with Airtel Payments Bank through the Airtel Thanks app were required to undergo Video KYC. Meanwhile, the bank has already implemented Face Authentication-based e-KYC at its banking outlets.
Airtel Payments Bank, India’s first Payments Bank, commenced operations in January 2017. It also provides a convenient app for both Android and iOS users, streamlining banking services for customers in urban and rural regions alike. This initiative will streamline and enhance customer access to financial services, eliminating the necessity for physical documentation or in-person visits.
