Apple Pay, Android Pay and Samsung Pay, all comes in the similar digital mobile payments category where the domestic smartphone manufacturer, Micromax is keen in bringing the familiar system to its new coming phones. Announced their partnership with TranServ, a mobile payments company to allow users of Micromax devices to access payment solutions for financial and social transactions, such as sending or requesting money, splitting bills, sending gifts to friends and making payments through native smart-Phone integration, like contacts in the device’s address book. Actually, this payments solutions are targeted at “mobile-first consumers” in India.
The native city-based firm, Micromax has partnered with TranServ to integrate payments with its service platform on Business Standard. Of course India second largest handset maker – the Micromax Informatics Limited, has on Tuesday reveals its plans regarding the launch of India’s first smartphone-based payment solution, which will allow Micromax users to use mobile wallets in a simplified manner.
Using the solution, Micromax users will be able to conduct financial transactions, aforementioned. With the tie up there will be a rollout of several digital financial solutions such as micro-loans and other financial solutions.
What Micromax said is, “Under the partnership, the companies will be rolling out a series of payment solutions specifically designed to meet the varied demands of the mobile-first Indian consumer,” which will be providing an all pervasive payments layer to the services ecosystem that will allow users have a platform even beyond Micromax devices.
Micromax Co-Founder Vikas Jain told reporters that, “Over the next three months, 80-90 per cent of our portfolio of handsets will be covered. While the new devices will come with the integrated platform, the older devices will get a software update for the same.” He said once a consumer buys a Micromax phone, they will get a card with it that can be used for physical transactions. Both the card and the feature on the device can be used to make payments. It’s an opt-in service that will not force users to use it. Users can fill in money through net banking, debit/credit cards as well as over 1.35 lakh retail stores where Micromax devices are sold.
The co-founder of Micromax also said that the company will continue investments, partnerships, time, effort and money to grow its services business. In fact the services platform is a bit similar to that of its subsidiary, YU Televentures. Last week, it has announced its entry of YU YUTOPIA into software services, which therby offers users access to verticals like travel, food and entertainment through a single window.
About TranServ, which has partnered with many banks as well to expand the financial sservices offered when with the partnerships. With the amount of market share Micromax has in India this collaboration will be of good benefit to the users as well as both the companies. For Micromax users with Visa cards – powered by a partner bank, it will be allowing users to experience ubiquitous payments across online as well as offline merchant establishments.
Commenting on the partnership, Vikas Jain, Co-founder, Micromax Informatics said:
At Micromax, we have always believed in bringing more value to our consumers by integrating the best in class services on our devices and this is where the future is. Our vision is to enable users to enjoy a seamless and delightful experience across categories like Hospitality, Travel, Healthcare, Entertainment, Ecommerce or Payments where we populate the gaps to map their digital journey to their fulfilled world. The growth in mobile payments has a lot to do with the ease of payment and tight integration with popular services. And our partnership with TranServ will bring Indian consumers, the most convenient & easy way to mirror their life on the fast evolving internet and mobile ecosystem. We have a roadmap to provide integrated services and leverage the mobile as a platform to converge these services. We will continue to invest resources, partnerships, time, effort and money to ensure our customers get what they want and the whole of the ecosystem shifts to meet the requirement of the consumers.
Anish Williams, Co-founder & CEO, TranServ, said:
With India emerging as the largest mobile phone user base in the world, the future of payments in India is heavily inclined towards smartphones. TranServ has been championing the cause of reshaping the payments industry and our partnership with Micromax would allow us to collaborate with a leading player who shares our vision of creating a seamless and secure payments ecosystem and enjoin our efforts to help India achieve the status of a cashless economy.