LB Finance, country’s leading Non-Banking Financier, recently launched its mobile wallet, “LB Cash-In-Mobile” (CIM) with the aim of revolutionizing the traditional cash payment habit among the Sri Lankans.
According to the Company, the availability of smartphones and data connectivity among majority of the citizens have enabled new possibilities in financial services for creatinginnovative products and channels, bringing unprecedented convenience to the customer. In the recent times, these ‘Fintech’ productshave challenged the conventional banking modelsnot just in developed countries, but indeveloping countries as well.
Company believes, the favourable regulatory environment and the availability of common payment infrastructure are two key factors fuelling the growth of Fintech-lead digital financial services within the country. The introduction of‘JustPay’ platform and a national QR code system ‘LankaQR’ have brought the much needed interoperability between the mobile payment systems in the market. Through these initiatives, Central Bank of Sri Lanka (CBSL) expects to drive 20% of retail payments via smart mobile devices by 2020 and realise its vision of making Sri Lanka a ‘Less-Cash economy’.
LB Finance, possessing the most expansive branch network among finance companies, wishes to further extend its reach and bring true financial inclusivity across the country through the introduction of CIM mobile wallet. LB CIMis designed to cater to all segments of the population and make small everyday payments, simple, secure and cashless.
LB CIM smart phone application is available for Android & IOS based devices. It comes in the form of two separate mobile applications; ‘CIM customer app’&‘CIM Business app’, to cater to the specific needs of customers and merchants. LB CIM is proud to be the only tri-lingual mobile wallet available in the market.CIM mobile wallet is a Central Bank approved mobile payment product having adhered to all applicablepayment related mobile security guidelines. An independent mobile application security audit has been done to verify the security aspects of the platform and its compliance to the regulations. Further, the application has been developed in compliance with ‘LankaQR’ guidelines to enable inter-bank QR payments.
CIM Customer app enables customers to make payments at CIM merchants easily by scanning the QR code or sending money using the merchant’s mobile number. Additionally, users can perform air-time reloads to their phones, pay utility bills and transfer money to any bank account any-time any-where. CIM isessentially a Digital Savings Accountreplacing the need to go in search of ATMs to withdraw money for your day-to-day purchases, whilst earning anattractive interest rate for the balance in their mobile wallets. Through extensive promotion of CIM mobile wallet, LB Finance expects to capture part of the physical cash in circulation, thereby mobilize digital savings.
CIM Business app provides additional benefits to CIM registered merchants by bringing customized technological conveniences, designed to help them develop their retail business operations. Through the app,LB Finance expects to include Micro, Small and Medium Enterprises (MSMEs) in Sri Lanka to the formal financial services and provide them with a platform to manage their business cash flows efficiently and securely.
0 comments: