Thursday, 21st November 2013, Colombo: Living by its credo of ‘We Care. Always.’ the National Mobile Service Provider, Sri Lanka Telecom Mobitel has introduced another life-style convenient service to its customers called ‘mCash’.
‘mCash’ will be available for all Post-Paid and Pre-Paid Mobitel customers by registering for a ‘mCash’ account via #111#. Customers can make monetary transactions and withdraw money from their ‘mCash’ account as well. Over 4,000 ‘mCash’ merchant points would be established at the launch of the new service and would later expand up to 10,000 merchant points across the country.
Speaking on the launch of the service, Chairman of Sri Lanka Telecom and Mobitel’s Mr. Nimal Welgama said, “We at Mobitel are confident that this initiative to deliver a nationwide Mobile Money service will provide an unprecedented level of financial inclusion through the empowerment of millions of Sri Lankan citizens with electronic money transfer and payment facilities.
Approved by the Central Bank of Sri Lanka, ‘mCash’ is a useful supplementary method to transfer money that is fast, user-friendly and would provide a host of special offers to its customers. The number of mobile phone subscribers in Sri Lanka has reached a staggering 20 million which would promote the demand for value added services such as ‘mCash’.
Custodial Banking services will be provided by Commercial Bank of Ceylon PLC, while
Deutsche Bank A.G, is the Trustee Bank for this new initiative. ‘mCash’ would be the fastest, most secure and convenient method to transact money, settle utility bills and purchase goods and services via a mobile phone through an established partner network.
The dawn of the Mobile Money era in Sri Lanka has been made possible by the progressive and financial inclusion-focused, regulatory ethos of the Central Bank of Sri Lanka. This solution while providing the platform for financial inclusion of all Sri Lankans is also part of the overall development roadmap envisioned for the country’s electronic payments landscape. Mobitel takes pride in providing truly customer-friendly services that have a lasting impact on improving and upgrading lifestyles. Mobitel customers will now have a fast and convenient method of making money transactions without leaving the comfort of their homes.
"We are pleased to partner Mobitel as the custodian bank to launch mCash. This innovative and user friendly service will enable customers to carry out a variety of transactions such as purchasing goods, settling utility bills and sending and receiving money, offering them greater convenience ” Managing Director/Chief Executive Officer of Commercial Bank Mr. Ravi Dias said.
The Commercial Bank currently operates a network of 232 branches and service points in Sri Lanka and an ATM network of 576 terminals, the largest cash dispensing facility operated in the country by a single bank. Sri Lanka’s most internationally-lauded bank, Commercial Bank is the only Sri Lankan bank to be ranked among the world’s top 1000 banks for three successive years. Adjudged ‘Best Bank in Sri Lanka’ for 15 consecutive years by ‘Global Finance’ Magazine, the Bank has also won multiple awards as the country’s best bank from ‘The Banker,’ ‘FinanceAsia,’ ‘Euromoney’ and ‘Trade Finance’ magazines.
Fulfilling a new level of customer experience, Mobitel’s mCash transcends mere commercial objectives, as it provides a lifeline to a person at any time and any place. “We Care. Always” is translated in to a real lifestyle service offered once again by Mobitel.