Virtual Wallet

June 13, 2012 (LBO) – Sri Lanka’s Dialog Axiata had launched a mobile payment service through which its 7.5 million customers can send and receive money through a ‘virtual wallet’, officials said.

The mobile payment service can be used to pay utility bills or to buy goods and services online or even make over the counter payments at thousands of shops across the island, Fariq Cader, head of Dialog’s e-ecommerce service said.

Money could also be transferred to another wallet holder.

Wijayasuriya said people without credit cards could now make electronic transaction even without a bank account and money transfer fees was lower than any other competing service at 15 rupees a deal.

Hatton National Bank will be the custodian bank for the money in the accounts and ensure regulatory compliance.

Cader, each transaction was protected through a personal identification number (PIN) and in the case of online payments the user will get a prompt on the phone to confirm.

Without a PIN a lost phone could not be used for transactions.

Update II “Mobile Money technology will transform the way we transact cash and will enable electronic money interchange and electronic pa