What Are Mobile Money Transfers?
Mobile money transfers use digital wallets. They let you move money with a phone. You can deposit and withdraw funds. You can also pay bills and buy items. These services work without a bank branch.
The Central Bank manages these services. They help more people use financial services. This is good for people without bank accounts. Services use smartphones or simple USSD codes.
You register with your phone number. You link your National Identity Card. You can add money at agents or ATMs. Bank transfers also fund your wallet. Transactions happen in real-time.
Key Mobile Money Providers
Several providers offer mobile money in Sri Lanka. Dialog Axiata runs eZ Cash. SLT-Mobitel offers mCash. Payment Services (Pvt) Ltd has UPay.
Sampath Bank PLC provides WePay. Nations Trust Bank offers FriMi. Each service has different partners. You choose based on your needs.
| Provider | Service Name | Launch Year | Network/Bank Partner |
|---|---|---|---|
| Dialog Axiata | eZ Cash | 2012 | Dialog, Etisalat, Hutch, Airtel |
| SLT-Mobitel | mCash | 2013 | SLT-Mobitel; agency banking with banks |
| Payment Services (Pvt) Ltd | UPay | 2018 | SDB (Sanasa Development Bank) |
| Sampath Bank PLC | WePay | 2021 | JustPay member banks |
| Nations Trust Bank | FriMi | 2023 | Nations Trust Bank |
Eligibility and How to Register
You must be a Sri Lankan resident to use these services. You must be 18 years old or older. A valid National Identity Card is always needed. Some services require a specific SIM card.
For eZ Cash, dial #111#. You set a personal PIN. For mCash, also dial #111#. You need a Mobitel SIM card.
UPay requires you to download their app. You upload your documents. WePay also uses an app. FriMi requires a bilingual KYC call.
Fees and Transaction Limits
Account signup is free for all services. Wallet top-ups can be free. eZ Cash charges Rs. 20-250 via some banks. mCash top-ups are free at agents.
UPay top-ups are free via banks. WePay top-ups are free via JustPay. FriMi top-ups are free via JustPay. Wallet-to-wallet transfers are generally free.
Transferring money to other banks may cost. eZ Cash charges Rs. 20-75 for some utility payments. mCash charges Rs. 30 per transfer. UPay also charges Rs. 30 per transfer.
WePay charges Rs. 30 per transfer. FriMi charges Rs. 25 per transfer. Merchant payments using QR codes are free. Bill payments are often free too.
ATM withdrawals have different fees. mCash is free at agents. Sampath and Commercial ATMs charge Rs. 5. WePay charges Rs. 5 per withdrawal.
FriMi withdrawals are free at NTB ATMs. FriMi has a Rs. 400 yearly card fee. Maximum transaction limits vary. eZ Cash limits transfers to Rs. 50,000 per day.
mCash limits transfers to Rs. 25,000 per day for basic accounts. Enhanced mCash allows Rs. 150,000. UPay has a Rs. 10,000 transaction limit. WePay allows Rs. 200,000 per day.
FriMi limits transactions to Rs. 25,000. The Central Bank approves all service fee changes. Providers notify users of changes.
Application Process Steps
Registering for mCash is simple. Dial #111# on your Mobitel phone. Select your language. Accept the terms and conditions. Enter a 4-digit PIN. Confirm your PIN. You get a confirmation SMS.
Registering for WePay follows a few steps. Download the WePay app. Enter your mobile number. Set your PIN. Add your bank accounts or cards. Verify them using an OTP. If you are not a Sampath Bank customer, you must visit a branch for KYC.
Required Documents and Procedures
You always need your National Identity Card. A valid driving license also works. Your Sri Lankan mobile number must be in your name. Sometimes, proof of residence is asked for. Bank account details are needed for JustPay links.
Some wallets require a branch visit. This is usually for enhanced wallet limits. For example, mCash Enhanced accounts need a branch visit. WePay also requires a branch visit for non-Sampath KYC. This ensures your account is secure.
Benefits, Risks, and Tips
Mobile money offers instant transactions. You can use it 24/7. It reduces handling cash. There is a wide network of merchants. It helps people get financial services.
Risks include PIN or SIM swap fraud. Phishing attacks can happen. Agent fraud is another risk. Use a strong PIN to stay safe. Enable biometrics on your phone. Register for SMS fraud alerts. Transact only with approved agents.
Choose a wallet for your main use. If you send money often, eZ Cash or mCash might be good. If you use bank features, WePay or FriMi might suit you. Keep your PIN private. Use biometric login when you can. Link several bank accounts for easy top-ups. Check your SMS alerts for unusual activity. Keep a small balance in your wallet. This helps limit loss from fraud.
Market Trends and Regulations
All providers support LankaQR payments. This is a standard from the Central Bank. Interoperability has grown. JustPay connects bank accounts to wallets. This makes transfers smooth.
The Central Bank updated KYC rules in 2025. This raised wallet limits after verification. Merchant QR payments are growing. Digital lending products are also expanding. These are offered through mobile wallets.
Common Problems and Solutions
If you forget your PIN, use the reset flow. This is in the USSD menu or app. You can also visit a branch. If SIM swap fraud occurs, lock your mobile banking. Inform your provider quickly.
If a transaction fails but money is gone, file a dispute. Do this within one month. The provider's log is final. If you cannot top up, confirm your JustPay setup. Check bank SMS alerts for issues. If a merchant QR scan fails, update your app. Check the QR standards.