eZ Cash launches inter-operable mobile payment system for inward remittances

17 July 2015 02:38 am Views - 3971

Mobile money service eZ Cash launched the world’s first inter-operable mobile payment system to facilitate foreign remittances to reach customers directly on their mobile phone.

“We’re going global today. A lot of the inward remittances are coming through non-traditional methods, and there’s a high mobile penetration in the country. So we’re trying to tap into some of those non-traditional payments. To cater to the lower-end of the pyramid,” Dialog Axiata PLC Digital Services Vice President Fariq Cader said.

Currently, annual inward remittances are valued at US$7.5 billion and is the country’s top foreign exchange earner.

Cader said that remitters can send small amounts up to Rs. 25,000—which are usually sent through non-traditional avenues due to high bank charges—at a very low charge through eZ Cash.

The service is available to the 14 million subscribers of Dialog, Etisalat and Hutch, who can receive funds to their eZ Cash wallet, and use them for online payments, e-government services or withdraw through over 16,000 eZ Cash agent locations islandwide.

“Imagine a house in Sri Lanka receives a red bill for their electricity. 

The mother may call the son in Italy, saying ‘Son, send me 100 euros. I’ve got a red bill.’ The mother can then receive the money directly and pay the bill online immediately on their phone. The electricity isn’t cut off, and she doesn’t have to leave the house,” Cader added.

The global partner for the initiative is HomeSend—a joint venture created by MasterCard, eServGlobal and Belgarcon International Carrier Services, and the custodial bank for the service is Hatton National Bank.

HomeSend has already attracted remittance services such as Azimo, Lycaremit, Worldremit and PostFinance, which provides remitters with a wide choice of services.

Cader said that discussions are already taking place to bring Airtel and its customer base into the agreement.

(CW)