Sri Lankan cellco Dialog Axiata has launched a standalone mobile ‘virtual wallet’ payment service under the name ‘eZ Cash’, after being the first operator to be licensed by Sri Lanka’s central bank to provide cash transactions over a cellular network, Lanka Business Online reports. Previously, Dialog offered a service for people with credit cards or bank accounts, which gained around 25,000 users, but the new service is completely standalone, under new central bank regulations, and does not need a bank account or credit card. Hans Wijayasuriya, head of Dialog Axiata said: ‘Mobile money technology will transform the way we transact cash and will enable electronic money interchange and electronic payments to be brought within the reach of every Sri Lankan citizen.’ Wijayasuriya stressed that eZ Cash money transfer fees were ‘lower than any other competing service’ at LKR15 (USD0.11) per transaction. Hatton National Bank will be the custodian bank for the service and will act to ensure regulatory compliance. Dialog had 3.373 million subscribers at the end of March 2012, according to TeleGeography’s GlobalComms Database.
Also in the money segment, incumbent PSTN operator Sri Lanka Telekom (SLT) has teamed up with Union Bank to launch ‘TV Banking’, an online banking portal available to SLT’s ‘PEO TV’ IPTV subscribers, accessible on the user’s TV screen. The services available via TV Banking include: balance inquiry, bill payments (such as utilities and insurance), internal fund transfers, third party fund transfers (to customers of any bank), viewing assets and liabilities, fixed deposit details and changing bank passwords. PEO TV currently has around 55,000 subscribers.