Indian handset manufacturer Micromax entered a partnership with TranServ today. With this partnership, Micromax will be able to integrate payments with its service platform, which will allow its users to use mobile wallets in a simplified manner.
This will be India’s first smartphone-based native payments solution whereby Micromax users will be able to conduct financial and social transactions such as sending or requesting money, splitting bills, sending gifts to friends and making payments through native phone integrations, such as contacts in the device address book.
“This is India’s first smartphone-based native payments solution. We will roll out a series of payment solutions specifically designed to meet the varied demand of consumers. Over the next three months, 80-90% 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,” Micromax’s Co-founder Vikas Jain said in the press conference.
“Both the card and the feature on the phone can be used to make payments. It’s an opt-in service; we 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 retails stores where Micromax devices are sold. Our vision is to enable users to enjoy a seamless experience across categories like hospitality, travel, healthcare, entertainment, e-commerce or payments. We have a roadmap to provide integrated services and leverage the mobile as a platform to converge these services,” he said.
By partnering with a payments innovator such as TranServ, Micromax is providing an all pervasive payments layer to the services ecosystem, further ensuring that the users have a platform which is available to them even beyond Micromax devices. TranServ has also partnered with banks to further expand the financial services being offered. There is a definite plan to provide Micromax consumers with a Visa card powered by a partner bank that will allow users to experience ubiquitous payments across online as well as offline merchant establishments.
Speaking about the partnership, Mr. Anish Williams, Co-founder & CEO of TranServ, commented, “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.”
About Micromax Informatics Ltd.:
Micromax Informatics Limited is one of the leading consumer electronics company in India and the 10th largest mobile phone player in the world (Counterpoint Research). Over the past five years, Micromax has pioneered the democratization of technology for masses by offering affordable innovations through their product offerings and removing barriers for large-scale adoption of advanced technologies. Micromax is currently the largest mobile vendor in India with a market share of 16.6% in Q2 of 2014 (Counterpoint Research). The brand’s product portfolio embraces more than 60 models today, ranging from feature-rich, dual-SIM phones, 3G Android smartphones, tablets, LED televisions and data cards. The company also has many firsts to its credit when it comes to the mobile handset market including the 30-day battery backup, dual SIM phones, QWERTY keypads, universal remote control mobile phones, first quad-core budget smartphone etc.
The company has its operations across Russia and SAARC markets. Micromax sells more than 3 million mobility devices every month, with a presence in more than 560 districts through 1, 30,000 retail outlets in India. With presence across India and global presence in Russia and SAARC markets, the Indian brand is reaching out to the global frontier with innovative products that challenge the status quo that innovation comes with a price
TranServ Private Limited is a leading digital payments company established with a vision to create the best payment experiences in a highly secure environment. It helps businesses deliver a delightful consumer experience by utilizing cutting-edge technology. The company’s extensive product suite allows businesses of varying sizes and scale to collect and disburse payments in an efficient manner.
With its soon-to-be-launched social multipurpose wallet, TranServ envisions to create a world-class platform to send/request money and gifts with added features like split bill, group payments, social gifting, recharges and other utility payment facilities.