DFCC Bank rolls out industry’s first mobile wallet

DFCC Bank CEO Arjun Fernando (third from right) pose with a screen image of the Vardhana Virtual Wallet at its launch yesterday. Others from left are Vice President Services Vice President Denver Luis, Deputy CEO Lakshman Silva, Synapsys CEO and Managing Director Dinesh Fernando and  DFCC Chief Technology and Services Officer Achintha Hewanayake.

DFCC Bank yesterday launched what it described as industry’s first mobile wallet offering its customers convenience with security as well as aiming to effectively serve the national need of financial inclusion. 

The Bank said hitherto the country has seen only several telecom operator-inspired mobile wallets or banks doing an extension of their internet banking to mobile, hence DFCC’s initiative was ground breaking.

Branded “Vardhana Virtual Wallet” DFCC customers, merchants and media yesterday got an opportunity to experience the innovative mobile app which has a wide range of benefits apart from being user friendly and secure. Over 100 merchants have signed up so far whilst a bulk of the 400,000 customer base of DFCC is expected to embrace the new platform.  Emphasising the financial inclusion enabler dynamics of the mobile wallet, DFCC also hopes to cater to the under-banked segment of the country. 

Vardhana Virtual Wallet has been developed by Developed by Synapsys, the fully owned subsidiary of DFCC Bank PLC.

The state-of-the-art mobile app enables users to simplify the way they transact and stay in control of their finances.  The entire system is secured by SSL and purchases via the application are possible only by generating a transaction PIN. Additionally, automated logout functions have been enabled after a period of inactivity and simultaneous logins are disallowed.

Optimal ease and convenience: This revolutionary breakthrough in digital payments offers users a hassle free and convenient option to manage their funds, eliminating the need to carry any other payment instrument. Users can maintain funds in the Virtual Wallet and conduct day-to-day transactions at the click of a button.

Services for personal wallet holders: The Vardhana Virtual Wallet can be used to purchase goods and services, pay utility bills or transfer funds to other users. It also helps users to manage and organise their finances, as their bank accounts are linked to the application. This enables them to check their balances anytime, anywhere and enjoy new levels of financial freedom and flexibility.

Benefits for merchants: Merchants across all trades can also benefit from the Vardhana Virtual Wallet, which enables them to accept payments for goods and services electronically. Regardless of the scope of their business operation, merchants can now latch onto the multiple benefits of accepting mobile payments. The primary benefit is that it reduces operating costs as the transaction costs are less when compared to   other payment instruments. Moreover, merchants will be able to create a consumer-centric shopping experience which will further enhance their brand proposition.

The transaction flow: Purchasing products and services via the Vardhana Virtual Wallet is quick and easy. Moreover, since all transactions and validations take place electronically, this offers users a ‘green’ paperless method of transaction processing.

Firstly the cashier at a designated merchant outlet will initiate the transaction by requesting the user’s mobile number. The user will then receive a one-time PIN to authenticate the transaction, which is to be shared with the cashier. The merchant will then receive the payment in real-time together with the commission.

How to register: To register for a personal Vardhana Virtual Wallet, applicants need to open a personal account at DFCC and submit a duly completed Vardhana Wallet mandate. Thereafter, the mobile app can be downloaded from the Apple Store for Apple device users or the Play Store for Android device users. After activating the wallet, users simply have to enter their credentials and commence using its services.  Merchants who want to register can follow the same process. Additionally, they will have the freedom to choose how they transact; as they may operate off a mobile device, through a PC and/or have the Vardhana Virtual Wallet system integrated into their transaction processing system.

Individuals or merchants who wish to get the Vardhana Virtual Wallet should call the DFCC hotline on 011 2350000 or [email protected].

Incorporated in October 2006, Synapsys is a subsidiary of DFCC Bank PLC that provides Consulting, Software and IT services to the financial services industry. Its array of products and services support banks, capital markets, insurance and retail payments across Asia and the Pacific.