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Sunday, 1 May 2016

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DFCC Bank offers Virtual Wallet

DFCC Bank PLC has introduced an innovative mobile payment solution - Vardhana Virtual Wallet - which is equivalent to having cash in hand.

Owned and operated by DFCC Bank and developed by Synapsys, the Vardhana Virtual Wallet is a digital application that can be downloaded on to a mobile device, connecting consumers to merchants and other consumers.

This solution enables users to send and receive electronic cash, thus simplifying their shopping experiences and helping them to stay in control of their finances. Its many uses include purchasing goods and services, paying utility bills, transferring funds between Wallets, withdrawing cash and topping up cash from designated merchant outlets or from the Bank account linked to the Wallet.

All these features could be accessed while on-the-go from a data enabled mobile device. Funds can be maintained in the Virtual Wallet to conduct transactions, eliminating the need to carry any other payment instrument.

This product also has many benefits for merchants regardless of their scale or scope of operation, as mobile payments is a fast growing trend. It includes reduction of operating costs, earn attractive commission income and create a consumer-centric shopping experience at the merchant's premises or at the doorstep of a consumer.

CEO, DFCC Bank, Arjun Fernando said, "DFCC Bank was set up 60 years ago to spearhead development financing in a newly independent nation. Since then, we have grown, evolved and diversified to meet the changing needs of our customers and the nation as a whole."

"Our progress and achievements have resulted in many firsts, and the introduction of the Virtual Wallet is a financial inclusion enabler and yet another first in the country's banking industry," he said.

"As we launch this product, we are affirming DFCC's potential for stronger growth through innovation. We will continue to innovate and break new ground in striving to drive financial inclusion and meet the needs of our customers and all our stakeholders," Fernando said.

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