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 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