DFCC Bank launches Sri Lanka’s first virtual payment system  

Jun 14, 2016 (LBO) – Sri Lanka’s DFCC Bank launched the Vardhana virtual wallet, a mobile application that enables financial inclusion for its customers, Tuesday. The mobile app enables users to simplify the way they transact and stay in control of their finances. The banks customer base is around 300,000 to 400,000 and around a 100 merchants have already registered with the system. Merchants across all trades can also benefit from the Vardhana Virtual Wallet, which enables them to accept payments for goods and services electronically. “We want the majority of our customers to use this system with our main aim being to attract the unbanked customer s to the banking sector,” Arjun Fernando, chief executive of DFCC said speaking at the launch of the event. “Even a three wheel driver with a mobile phone that could down load an app can obtain this service thus bringing them to the banking sector fulfilling crying need of the banks.” Regardless of the scope of their business operation, merchants can now latch onto the multiple benefits of accepting mobile payments, he added. The primary benefit is that it reduces operating costs as the transaction costs are less when compared to other payment instruments. He said that the App and the system was developed in house through Synapsys a subsidiary of DFCC Bank PLC that provides Consulting, Software and IT services to the financial services industry. Its array of products and services support banks, capital markets, insurance and retail payments across Asia. (updated)