DFCC Bank will today launch an innovative mobile payment solution, “Vardhana Virtual Wallet” which is equivalent to having cash in hand. Owned and operated by DFCC Bank and developed by Synapsys, the Vardhana Virtual Wallet is a digital application that can be downloaded onto a mobile device, connecting consumers to merchants and other consumers. This solution enables users to send and receive electronic cash, thus simplifying their shopping experiences and helping them to stay in control of their finances. Its many uses include purchasing goods and services, paying utility bills, transfering funds between wallets, withdrawing cash and topping up cash from designated merchant outlets or from the Bank account linked to the Wallet.
All these features could be accessed while on-the-go from a data enabled mobile device. Funds can be maintained in the virtual wallet to conduct transactions, eliminating the need to carry any other payment instrument. This product also has great benefits for merchants regardless of their scale or scope of operation, as mobile payments is a fast growing trend. DFCC Bank CEO Arjun Fernando said: Our progress and achievements have resulted in many firsts, and the introduction of the Vardhana Virtual Wallet is a financial inclusion enabler and yet another first in the country’s banking industry.” Registering for the Vardhana Virtual Wallet is a simple process. DFCC Bank’s personal account holders need to only submit a duly completed form and on receiving confirmation from the bank, may download the Vardhana
Virtual Wallet digital application to their device from Apple iStore or Android Play Store. On activation of the Virtual Wallet, the user can login with the registered credentials and start using the Wallet to experience its sheer convenience. Merchants also can register in the same manner, where they can additionally login through a mobile connection or PC/ laptop connected to the Internet depending on the nature of their business. The bank offers multiple layers of security for Vardhana Virtual Wallet users, firstly
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