Micromax, India's leading smartphone brand, has announced the launch of India's first smartphone-based native payments solution in a strategic partnership with TranServ, a leading digital payments company.
As part of the partnership, 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.
Commenting on the partnership, Vikas Jain, Co-founder, Micromax Informatics said,
"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."
Micromax has a definite roadmap to provide integrated services and leverage the mobile as a platform to converge these services. With this move, the company aims to provide an all pervasive payments layer to the services ecosystem consolidating in a platform that is available to users even beyond Micromax devices.
TranServ has also partnered with banks to further expand the financial services being offered, and is working on providing Micromax users with a Visa card powered by a partner bank that will allow them to experience ubiquitous payments across online as well as offline merchant establishments. The company will also launch a multipurpose wallet soon.
With the number of mobile wallet users in the country already exceeding credit card users, the Micromax-TranServ partnership is an interesting step towards a holistic frictionless digital payments ecosystem.