V Cash Card for Tea Supplier Settlements
DFCC Bank launched a ‘V Cash Card’ which will support Sri Lanka’s SMEs and the country’s large community of tea leaf suppliers. This card, designed and hosted by SYNAPSYS brings the convenience of electronic banking to small tea leaf suppliers and growers throughout Sri Lanka by providing them with an automated payment collection service and access to cash withdrawals across the country.
The ‘V Cash Card’ is an innovation launched in partnership with SYNAPSYS, the banking technology subsidiary of the DFCC Group.
The launch of the V Cash card is part of DFCC PLC’s relentless efforts to bring financial inclusion to the under-banked and un-banked sector of the country. This innovative system can be hailed as the precursor of an era where transactions are settled electronically eliminating the need of physical cash and the related risks of theft, fraud or counting errors.
The ‘V Cash Card’ gives tea leaf suppliers the opportunity to have proceeds from their sales managed by a bank, and transferred directly to their bank accounts. The card will also enable the tea suppliers to withdraw cash from over 700 ATMs of DFCC branches and selected other banks across Sri Lanka.
A batch of 25 ‘V Cash Cards’ were distributed to tea suppliers and growers in the presence of officials from the KDU Group, a large tea manufacturer who will provide its suppliers with the option of using the ‘V Cash Card’. Through the increased efficiency, visibility and accountability provided by the “Supplier Settlement System”, the tea suppliers will have greater confidence in the leaf collection process, more control of receivables, free them of inconveniences and reap the benefits of perhaps the quickest settlement process converting “Crop to Cash” right at the farm-gate.