Mobitel introduces 'mCash'

Sri Lanka Telecom Mobitel introduced another convenient service to its customers - 'mCash'.

It will be available for all post-paid and pre-paid Mobitel customers who register for a 'mCash' account.

Customers can make monetary transactions and withdraw money from their 'mCash' account as well.

Over 4,000 'mCash' merchant points would be set up at the launch of the new service and later expand up to 10,000 across the country.

Chairman, Sri Lanka Telecom and Mobitel, Nimal Welgama said, "We at Mobitel are confident that this initiative to deliver a nationwide mobile money service will provide an unprecedented level of financial inclusion through the empowerment of millions of Sri Lankan citizens with electronic money transfer and payment facilities."

"Approved by the Central Bank of Sri Lanka, 'mCash' is a useful supplementary method to transfer money that is fast, user-friendly and would provide a host of special offers to its customers," a company spokesman said.

The number of mobile phone subscribers in Sri Lanka which has reached 20 million would promote the demand for value added services such as 'mCash'.

Custodial banking services will be provided by Commercial Bank of Ceylon, while Deutsche Bank A.G, is the Trustee Bank for this new initiative.

'mCash' would be a secure and convenient method to transact money, settle utility bills and purchase goods and services through a mobile phone through an established partner network.

The dawn of the mobile money era in Sri Lanka has been made possible by the progressive and financial inclusion-focused, regulatory ethos of the Central Bank of Sri Lanka.

This solution while providing the platform for financial inclusion of all Sri Lankans is also part of the overall development roadmap envisioned for the country's electronic payments landscape. Mobitel takes pride in providing truly customer-friendly services that improve and upgrade lifestyles," he said.

"We are pleased to partner Mobitel as the custodian bank to launch mCash. This innovative and user friendly service will enable customers to carry out a variety of transactions, offering them greater convenience," said Managing Director and Chief Executive Officer, Commercial Bank, Ravi Dias.

"Mobitel's mCash provides a lifeline to a person at any time and any place. 'We Care. Always' is translated into a real lifestyle service by Mobitel," the spokesman said.