Sri Lanka’s Standard Chartered introduces Mobile Wallet Payments

Aug 01, 2017 (LBO) – Standard Chartered Bank has introduced Straight2Bank Wallet, a mobile payments system in partnership with Dialog Axiata’s eZ Cash platform to expand cashless payment services. "Sri Lanka is amongst the few markets within Standard Chartered Group to offer this coveted service," the Bank said in a statement. "Standard Chartered’s corporate clients registering with Staright2Bank Wallet will have access to a service whereby they may make instant, cashless payments to individuals.
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" The Bank's Straight2Bank channel facilitates such corporate payments even in instances in which the beneficiaries do not possess a bank account. "Digitization is firmly established as the way forward as more and more business and enterprise embrace e-solutions," Jim McCabe, Chief Executive Officer, Standard Chartered Sri Lanka said. "Sri Lankan financial institutions are increasingly enabling electronic channels of monetary interaction, and we are happy to introduce an industry first." In many growing economies access to cashless transactions has contributed significantly to enterprise development as it is particularly useful for people who do not utilise formal banking channels, and Standard Chartered is confident that the Straight2Bank Wallet payment service will prove an attractive solution, the Bank added. The service not only allows for reduced costs but also decreases the time required to send money, and may be accessed at anytime, anywhere across the island, as beneficiaries will receive the funds electronically to their eZ cash mobile wallets. The Straight2Bank Wallet helps eliminate risk and reduce manual effort during transaction processing. Clients within the development organisations (DO), non-bank financial institutions (NBFI), and fast-moving consumer good (FMCG) sectors are particularly facilitated as payments to both banked and unbanked individuals such as aid workers, trainers, policy holders, farmers, field workers, and other beneficiaries, may easily be effected with this service.