Micromax has today announced its strategic partnership with TranServ and Visa to launch a digital wallet app that provide customers a better payment solution. The app will be built into all of Micromax’s devices in the future, which helps consumers able to use mobile-based push payments using mVisa and make e-commerce payments. Called Udio app, and its features will be available on all Micromax smartphones in just weeks.
Announced the Udio app, which is a digital wallet launched in collaboration with Visa and TranServ. Micromax and the partnered two companies have already signed an MoU, that enables them to use Micromax’s own mobile devices, paired with Visa and TranServ’s to promote digital payments.
Powered by TranServ, the Udio app is a Mumbai-based startup which Micromax partnered towards the end of last year. It allows consumers to shop using Visa card number linked to the underlying prepaid wallet, wherever Visa cards are accepted, further making the same money available on both for the online and offline payments.
With the signing of the MoU, Micromax, Visa and TranServ companies will be able to leverage it’s better reach. While Visa technology is used for enabling mobile payments using QR codes and PIN at retail stores. The Micromax wallet will be very useable online as well as offline. Micromax is aiming at 15 million of its mobile users to start doing cashless transactions using this Udio app by the end of 2016. By the end of April month, Micromax’s upcoming phones will be coming with Udio app pre-installed. The smartphone users will also be receiving a physical Udio card — to enable them making transactions at over 100,000 mVisa enabled stores across the country.
Notably, Micromax is said to be working hard on enabling contactless payments via NFC on its futuristic smartphones. The co-founder of Micromax was quoted saying that the company was now looking forward more on services, which will not only help differentiate from the onslaught of Chinese companies, but also contribute a lot to the company’s revenues by 2020.
The Udio digital wallet ‘Udio’ app will soon be available for all Micromax mobile users with TranServ and Visa services built-inside.
TranServ co-founder and CEO Anish Williams said “the company is building solutions that will contribute towards a holistic and secure payments ecosystem”. “Digital payments is clearly an important part of our digital experience and services strategy and our partnership with Visa and TranServ further reinforces our commitment to making commerce easier through tight integration with popular services enabling lifestyle of our consumers,” Vikas Jain, Co-Founder, Micromax said.
Chris Clark, Group Executive, Asia-Pacific, Visa Inc., said:
Mobile payments are part of the future of payments and their rapid adoption will be instrumental in helping India move towards a cashless society. With India being the world’s fastest-growing smartphone market, we have a significant opportunity to combine the power, reach and security of the Visa network, with the strengths of our partners Micromax and TranServ, to create payment solutions tailored to local market needs.