Standard Chartered introduces Mobile Wallet Payments

Standard Chartered Bank CEO Jim McCabe (right) exchanges the agreement with Dialog Axiata Group CEO Supun Weerasinghe

Standard Chartered, in its most recent innovative affiliation, introduced Straight2Bank Wallet in partnership with Dialog Axiata’s eZ Cash platform to expand cashless payment services. 

With this introduction, Sri Lanka is amongst the few markets within the Standard Chartered Group to offer this coveted service. Standard Chartered’s corporate clients registering with Straight2Bank Wallet will have access to a service whereby they may make instant, cashless payments to individuals. Standard Chartered’s Straight2Bank channel facilitates such corporate payments even in instances in which the beneficiaries do not possess a bank account. 

Standard Chartered Sri Lanka Chief Executive Officer Jim McCabe, speaking of the partnership, stated: “We are the first international bank to introduce Mobile Wallet Payments in Sri Lanka, and it is a privilege to do so in association with Dialog Axiata Plc. Digitisation is firmly established as the way forward as more and more businesses and enterprises embrace e-solutions. Sri Lankan financial institutions are increasingly enabling electronic channels of monetary interaction, and we are happy to introduce an industry first!” 

In many growing economies access to cashless transactions has contributed significantly to enterprise development as it is particularly useful for people who do not utilise formal banking channels, and Standard Chartered is confident that the Straight2Bank Wallet payment service will prove an attractive solution.  The service not only allows for reduced costs but also decreases the time required to send money and may be accessed at anytime, anywhere across the island as beneficiaries will receive the funds electronically to their eZ Cash Mobile Wallets. 

Furthermore, Straight2Bank Wallet helps eliminate risk and reduce manual effort during transaction processing. Clients within development organisations (DO), non-bank financial institutions (NBFI) and the fast-moving consumer good (FMCG) sectors are particularly facilitated as payments to both banked and unbanked individuals such as aid workers, trainers, policyholders, farmers, field workers and other beneficiaries may easily be affected with this service.

Standard Chartered Sri Lanka Country Head Transaction Banking Roger Norton commented: “We are delighted to partner the eZ Cash service to offer an innovative financial solution to our corporate clients to pay individuals through their mobile wallet. The beneficiaries only require an ordinary phone with network coverage to receive the payment. Even a bank account, smartphone or internet facility is not required to enjoy this service.”  

Dialog Axiata Plc Digital Services Vice President Fariq Cader says: “eZ Cash continues to break ground in cashless transactions. The introduction of instant cashless payments in collaboration with an international bank is yet another innovative offering by the eZ Cash platform. We are honoured to be able to provide an effective solution such as this that will benefit the lives of many.”

Standard Chartered and Dialog Axiata Plc have enjoyed a strong relationship for over a decade in Sri Lanka and both partners are confident that with the launch of the Straight2Bank Wallet they will bring to their clients a service and tool that will prove efficient and effective in the transaction of business.