Micromax Informatics Limited, announced the launch of India's first smartphone based native payments solution in a strategic partnership with leading mobile payments company TranServ. 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.
The move will see the creation of an indigenous digital payment infrastructure leveraging Micromax's unparalleled presence and partner ecosystem in the Indian market and TranServ's leading payment solutions. 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 integration, such as contacts in the device address book.
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 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.
The partnership will see a roll out of unique digital financial solutions such as micro-loans & other personal financial services. With the number of mobile wallet users in the country already exceeding the credit card users, the association between TranServ and Micromax marks the beginning of the first consolidated steps towards the foundation of a holistic digital payments ecosystem.
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The two companies have also built a large offline network of retail points providing customers an option to top-up their wallets using cash ensuring that customers across the country including interior India experience friction-less digital payments.