DFCC Bank unveils Virtual Wallet

DFCC Bank recently demonstrated its latest mobile innovation, the Vardhana Virtual Wallet.

This mobile app was launched as another financial inclusion enabler by DFCC and is one of the first in the country's banking industry.

At the launch: Seated (from left)- Denver Lewis, Vice President, Services, DFCC Bank; Lakshman Silva, Deputy Chief Executive Officer, DFCC Bank; Arjun Fernando, Chief Executive Officer, DFCC Bank; Dinesh Fernandopulle, Chief Executive Officer/Managing Director, Synapsis; Achintha Hewanayake, Chief Technology and Services Officer, DFCC Bank.

The event was attended by DFCC's customers, merchants and members of the media. DFCC Bank CEO Arjun Fernando said, "The main and biggest aim on this was to attract the unbanked customers to the banking sector."

"At present even a three-wheel driver with a mobile phone could down load the app and obtain this service thus bringing them to the banking sector," he said.

"Already DFCC Bank has over 100 merchants especially in rural areas who patronize this service.

Merchants across all trades can also benefit from the Vardhana Virtual Wallet which enables them to accept payments for goods and services electronically," Fernando said.

The Vardhana Virtual Wallet is a digital application that can be downloaded onto a mobile device, connecting consumers to merchants and other consumers.

This mobile device solution enables users to send and receive electronic cash, thus simplifying their shopping experiences and helping them to stay in control of their finances. The Vardhana Virtual Wallet can be used to pay utility bills, purchase goods and services, transfer funds between wallets, withdraw cash and top up cash from designated merchants 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 great benefits for merchants regardless of their scale or scope of operation, as mobile payments is a fast growing trend.

Registering for the Vardhana Virtual Wallet is a simple process. DFCC Bank's personal account holders need to only submit a completed form and on receiving confirmation from the bank, may download the app.