Micromax introduces mobile payments service
Mobile wallet can be used for both offline and online purchases, to be integrated with future Micromax devices
New Delhi: Micromax Informatics Ltd on Tuesday stepped into the payments space by introducing its own mobile wallet in partnership with mobile payments company TranServ, as the smartphone manufacturer looks to help consumers buy a wide range of service s and goods by using the native payments solution.
The wallet will allow users to make purchases online, as well as in offline stores, and conduct financial and social transactions such as sending or requesting money, splitting bills, sending gifts and making payments through contacts in the device address book.
All future Micromax devices will come integrated with the payments solution and the users will be allowed to add cash to the wallets through credit/debit cards or netbanking, or at Micromax stores.
The company will also offer physical prepaid cards that will give its customers access to over 1.1 million Visa-enabled merchants across the country.
“This is the extension of our hardware business. Our vision is to expand our reach to 10% of India’s population with this service,” said Vikas Jain, co-founder, Micromax.
“We want users to enjoy a seamless and delightful experience across categories like hospitality, travel, healthcare, entertainment, e-commerce 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,” he added.
Mint reported on Friday that Micromax was close to launching a mobile wallet of its own that will be integrated with its recently launched software services.
Last week, Micromax’s subsidiary Yu Televentures announced its entry into software services with the launch of Around Yu—a suite of services that will come bundled with its new smartphones.
In the first phase, the company will offer services in travel (local cabs, flights, hotels), food and shopping, and will add more categories later.
The company has been diversifying its business to include high-margin software and services, and creating new revenue streams.
Under the strategic partnership with TranServ, the two companies will largely work on a revenue-sharing model. However, Micromax is open to picking up a financial stake in TranServ as and when required.
“Though currently it is a business partnership, we could invest in TranServ if they require finances going forward,” said Jain.
“With India emerging as the largest mobile phone user base in the world, the future of payments in India is heavily inclined towards smartphones,” said Anish Williams, co-founder and chief executive, TranServ. “...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”.
The partnership will also see the roll-out of more digital financial solutions such as micro-loans and other personal financial services.
Gurgaon-based Micromax was founded in 2008 and sells its products in Nepal, Sri Lanka, Bangladesh and Russia, among its international markets.
Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
Business NewsIndustryMicromax introduces mobile payments service
First Published:22 Dec 2015, 09:52 PM IST
- Top Gainers
- Top Losers
- 52 Week High