Dialog this week launched one of the most innovative payments solutions, narrowing the gap between the rich and the poor – in the payments of bills and other costs.
At the next level, the company is considering expanding this facility to Sri Lankan expatriates, particularly migrant workers, to use it as a channel to transfer their money to Sri Lanka.
Hans Wijayasuriya, Director and Group Chief Executive of Dialog Axiata, told the Business Times that the ‘Z Cash’ product, enables mobile subscribers to maintain a mobile money account in their mobile phone - similar to having a wallet.“With an account of Rs 10,000, you can through the phone-to-phone process make any payment even settle tuition fees,” he said. The media launch of the product was held on Thursday.
Under this scheme, Dialog customers can send and receive money to/from more than 7.5 million Dialog mobile users, settle utility bills and make payments for other goods and services, direct from their mobile phone. Dialog received the first such license to undertake this work from the Central Bank under the Payments and Settlements Act with custodial banking services from Hatton National Bank. Dr Wijayasuriya said the service would be expanded, once the framework is in place, to cater to remittances of Sri Lankan workers. “They need to top up their mobile account (at that end) and transfer it to a recipient in Sri Lanka who can then collect the money from over 10,000 eZ Cash outlets across Sri Lanka,” he said.
The product is set to revolutionise the payment gateway, providing a facility to poorer segments of the population in remote areas – most of who use mobile phones as the main source of communication – to also be able to make payments, even if a few, with convenience. “There are some users who spend as low as Rs 50 (a month) based on their affordability and they too can benefit from such a service,” he said.
Money culd be loaded through supermarkets, bank branches, ATMs, etc. It is also possible to increase the limit to Rs 25,000. |
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