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
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
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
This product also has great benefits for merchants regardless of
their scale or scope of operation, as mobile payments is a fast growing
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.