Overview
eZ Cash is the mobile money service operated by Dialog Axiata PLC, Sri Lanka's largest mobile operator. Launched in 2012, it is the country's most widely used mobile money platform, enabling P2P transfers, bill payments, merchant payments, and basic financial services. Available to all Dialog subscribers with cross-network support, eZ Cash had over 5 million registered accounts as of 2023 (unverified). It operates under Central Bank of Sri Lanka (CBSL) oversight and has been a key player in the country's push toward digital financial inclusion.
History
eZ Cash launched in 2012 by Dialog Axiata following CBSL's issuance of mobile payment service provider guidelines. Dialog partnered with commercial banks to safeguard customer funds and built an agent network. Early services focused on P2P transfers and mobile top-up. Over time, eZ Cash expanded into bill payments, merchant payments, remittance receipt, and micro-financial products. COVID-19 (2020) and the 2022 economic crisis both accelerated digital adoption. Dialog continues to invest in merchant acceptance and integration with national infrastructure including LANKAQR.
How It Works
eZ Cash is accessible via USSD, the smartphone app, and integration with Dialog's digital services. Users register with their SIM and NIC. Funds are loaded at agent locations (retail shops, Dialog outlets, merchant partners), via bank transfer, or through employer salary disbursement. Withdrawals happen at agents or via bank transfer. Instant P2P transfers use mobile numbers, with cross-network support. Payments work through USSD, QR (LANKAQR-compatible), or app.
Services Offered
Core Services
- P2P money transfer
- Cash deposit and withdrawal via agent network
- Mobile top-up (Dialog and cross-network)
- Balance inquiry and mini-statement
Payments
- Utility bill payments (Ceylon Electricity Board, LECO, water, telephone, internet)
- Insurance premiums
- School and tuition fees
- Government fee payments
- QR merchant payments (LANKAQR)
- Online payment integration with select e-commerce platforms
Financial Products
- Micro-insurance through partner insurers (unverified)
- Microfinance integration for loan disbursement and repayment (unverified)
- Salary disbursement for factory and plantation workers who lack bank accounts
International Services
- International remittance receipt through partner providers, enabling Sri Lankan migrant workers (particularly in the Middle East and East Asia) to send to eZ Cash wallets
Fees & Charges
eZ Cash uses a tiered fee structure:
- P2P transfers: Fee charged to sender, tiered by amount; typically LKR 3-15 for smaller amounts (unverified)
- Cash-out at agent: Tiered by amount
- Bill payments: Generally free or low-fee; billers pay commission
- Merchant payments: Free to consumer; merchants pay commission
- Remittance receipt: Free to recipient
The 2022 economic crisis may have prompted fee adjustments.
Regulatory & Licensing
eZ Cash operates under a Mobile Payment Service Provider authorization from the Central Bank of Sri Lanka under the Payment and Settlement Systems Act No. 28 of 2005 and subsequent CBSL directives. Customer funds are held in trust accounts at licensed commercial banks, ring-fenced from Dialog Axiata's corporate funds. Dialog complies with CBSL's KYC, AML/CFT, consumer protection, and reporting obligations.
Infrastructure & Network
- Agent network: Nationwide, including Dialog retail outlets, authorized dealers, and third-party agents. Denser in Western Province and major cities
- USSD access: Available on all mobile phones for feature phone accessibility
- eZ Cash app: Android and iOS with enhanced functionality including QR
- LANKAQR integration: Supports the national standard for interoperable merchant payments
- CEFTS/JustPay connectivity: Integration with Sri Lanka's real-time payment infrastructure (unverified)
- Technology: Built and maintained by Dialog with Axiata Group regional support
Market Position & Competition
eZ Cash is the largest mobile money platform in Sri Lanka by registered users and transaction volume, supported by Dialog's position as the country's largest MNO (~17 million subscribers, unverified). Key competitors include mCash (Mobitel/SLT), FriMi (Nations Trust Bank), and various bank mobile apps. Unlike East African markets, Sri Lanka has high bank account penetration, so mobile money competes with rather than substitutes for traditional banking. eZ Cash's strongest value proposition is for underbanked populations and users preferring mobile convenience.
Ownership
Operated by Dialog Axiata PLC (CSE-listed). Key shareholders:
- Axiata Group Berhad (Malaysia): ~83% stake
- Public float: ~17%
Axiata Group is one of Southeast Asia's largest telecom groups, with operations across multiple Asian markets.
Controversies
- Economic crisis impact: The 2022 Sri Lankan crisis created both opportunities (increased digital demand due to cash shortages) and challenges (reduced purchasing power, agent liquidity constraints).
- Limited financial product depth: Compared to East African mobile money leaders, eZ Cash offers a narrower range of savings, credit, and investment products.
- Interoperability gaps: While LANKAQR improved merchant payment interoperability, P2P transfers between eZ Cash and mCash or bank wallets remain limited.