Smart Display is automatically Optimizes for Conversions, it works same as Universal App campaign in Google Adwords.

1. What is Smart Display in Adwords?
A new feature that google has introduced ad format called ‘Smart Display’.
The question is how it works?
Auto Bidding Auto Targeting Auto Creatives
It automatically optimizes using your target CPA and Account history.
It doesn’t require none of the typical targeting criteria’s.
Currently its only available for few of the AdWords users.
To get access to this feature, you need to request your account manager in google
to whitelist.
Why should we use Smart Display Campaign?
Involves less manual labour and uses computerized learnings to achieve your goal
CPA.
Involves less creatives, we can provide several headlines, descriptive text and
images.
The Smart Display system itself creates various banner sizes to fill available
inventory.
Its optimizes for the best combinations of headline, descriptive text and image.
Smart Display will work like Universal App Campaign.
How to create Smart Display Campaign step by step?
1). Create Campaign > Display Network > Select appropriate Drive Action > Check
box-Smart Display.

2. 2). Enter the Headline (Multiple headlines can be used in one Ad) > Description
(Multiple description can be used in one Ad) > Images (Dimensions: 1200X627 or
600X314) > Save.
That’s it you are done, let’s allow Google Engine to optimize the reaming
fields.