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Airtel Payments Bank, on Tuesday, launched face authentication-based savings bank account opening for customers saying that the facility will further ease the account opening process, making it seamless and convenient for customers.
Airtel Payments Bank is the first payments bank in the country to offer this facility.
The new facility will help business correspondents (BCs) of the bank to open an account just by undertaking face authentication e-KYC, the company said in a statement.
The authentication is processed using a newly developed mobile application by the Unique Identification Authority of India (UIDAI), as a result, BCs will now only need a smartphone to open an account. The bank will make this facility available across all its five-lakh banking points by end of this year, the company said.
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The additional funds will be used to bulk up job and affordable housing schemes in the fiscal year ending March 2023“We at Airtel Payments Bank believe in strengthening our bouquet of digital services with the latest technology and providing customers access to improved digital banking solutions that 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,” Anubrata Biswas, Managing Director and Chief Executive Officer, of Airtel Payments Bank said.
This KYC facility uses AI/ML-based face authentication RD application that helps in the prevention of fraudulent activities by cross-checking individual’s photo with the image captured in Aadhaar and allows secure customer onboarding, he added.
Till now, if a customer wished to open an account with Airtel Payments Bank, Aadhaar-based OTP or fingerprint biometric authentication was carried out.
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