DFCC's Vardhana Virtual Wallet already has 1,000 customers
Mobile technology has driven advancements in the payments industry that are making it easier to make purchases without ever opening your wallet. DFCC Bank’s latest mobile innovation the Vardhana Virtual Wallet, a mobile app launched as a financial inclusion enabler has managed to garner some 100 merchants and over a 1000 customers within a short period, officials said. "It's a financial inclusion strategy, especially targeted at the small and medium sector that isn't equipped with facilities to operate credit card transactions," an official told the Business Times. He said that this app allows people to transfer value using their mobile phones are promised to reduce transaction fees, increase convenience, and enhance payment security.
According to him, this mobile payment system also will likely to make it easier for businesses to identify consumers, to collect contact information on them, and to share more information about consumers’ purchases among more businesses.
He added that the state of the art mobile app enables users to simplify the way they transact and stay in control of their finances. Developed by Synapsys, the Vardhana Virtual Wallet is fully owned and operated by DFCC Bank PLC. The entire system is secured by SSL and purchases via the application are possible only by generating a transaction PIN. Automated logout functions have been enabled after a period of inactivity and simultaneous logins are disallowed. The mobile mind shift — the expectation by consumers that they can get what they want in their immediate context and moment of need inspired this app, according to the official. He said that mobile payment systems are one of the many technology shifts and that the pervasive use of smartphones and other mobile technologies is a major reason for this shift.
The Vardhana Virtual Wallet can be used to purchase goods and services, pay utility bills or transfer funds to other users. It also helps users to manage and organize their finances, as their bank accounts are linked to the application. This enables them to check their balance anytime, anywhere and enjoy new levels of financial freedom and flexibility.
Digital payments offer users a hassle free and convenient option to manage their funds, eliminating the need to carry any other payment instrument. Users can maintain funds in the Virtual Wallet and conduct day-to-day transactions at the click of a button, a DFCC media release said.
“Merchants across all trades can also benefit from the Vardhana Virtual Wallet, which enables them to accept payments for goods and services electronically. Regardless of the scope of their business operation, merchants can now latch onto the multiple benefits of accepting mobile payments. The primary benefit is that it reduces operating costs as the transaction costs are less when compared to other payment instruments. Moreover, merchants will be able to create a consumer-centric shopping experience which will further enhance their brand proposition," the release added.
Since all transactions and validations take place electronically, this offers users a 'green' paperless method of transaction processing.