LB Finance launched its mobile wallet, ‘LB Cash-In-Mobile’ (CIM) with the aim of revolutionising the traditional cash payment habit among the Sri Lankans.
CIM is essentially a smartphone app that functions as a digital wallet. In fact, it is a savings account, which sits inside your phone and functions as your wallet/purse. The company intends to make the CIM digital wallet an alternative for cash/currencies used for day-to-day low-value transactions. CIM attempts to make small payments simple, secure and cashless.
CIM is the highest yielding (7 percent p.a.) digital savings account currently available in the market. It will replace the need to go in search of ATMs to withdraw money for daily purchases, whilst earning an attractive interest rate for the balance stored in the mobile wallets. Through extensive promotion of CIM mobile wallet, LB Finance expects to capture part of the physical cash in circulation, thereby mobilise digital savings.
CIM app enables customers to make payments at CIM-registered merchants easily by scanning the QR code or sending money using the merchant’s mobile number. A routine cash purchase is converted into a banking transaction spontaneously.
The due amount is debited from the customer’s account and credited to the merchant’s account. Whether it’s paying for your hotel stay or a purchase of a lottery ticket or settling the fare for the tuk-tuk ride you just received, cash can be transferred from the customer CIM account to the merchant CIM account instantly.
LB Finance aspires to make the CIM app the most inclusive financial app accessible to all communities representing every social/demographic sections of the Sri Lankan fabric, catering to the needs of urban, rural, modern, unsophisticated, young and old. Whether it is a modern retail outlet or the mom-and-pop shop around the corner or your street vendor for that matter, customers will be able to settle their purchases through this app.
The CIM app is one of the handful of banking apps with the trilingual support available in Sri Lanka. This is invaluable for a country where a majority of the population struggle to transact only using English language. Although the usage of smart mobile devices has increased rapidly within the country, not all consumers have access to high-end smart devices with large storage capacities.
The CIM app consumes extremely low storage space, thus permitting use in a multitude of devices, even the entry-level affordable smartphones. The landing page is unique with a simple to navigate clean layout and the entire functional flow has been kept simple, making it intuitive to the average not so tech-savvy Sri Lankan.
CIM allows customers to manage their cash more efficiently by maintaining excess cash in a digital savings account whilst providing the payment convenience similar to physical cash. It reduces the risk of carrying physical cash.
The tagline used by LB Finance to position the CIM is ‘Ganudenuwak Wena Widiyak’, which translates to ‘different, yet a sure way of transacting’. CIM provides every aspiring Sri Lankan is a digital wallet that resembles their simple lifestyle whilst connecting them to the ever-evolving digital economy.
The CIM smartphone application is available for Android and IOS-based devices. It comes in the form of two separate mobile applications: ‘CIM Customer app’ and ‘CIM Business app’, to cater to the specific needs of customers and merchants. Within just three months since the launch, over 3000 micro and small retail establishment have signed up with the CIM Business app as CIM merchants. CIM Business app provides additional benefits to CIM-registered merchants by bringing customised technological conveniences, designed to help them develop their retail business operations.
Through the CIM app, LB Finance expects to include MSMEs in Sri Lanka to the formal financial services and provide them with a platform to manage their business cash flows efficiently