Micromax 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 integrations, such as contacts in the device address book.
Commenting on the partnership, Mr. Vikas Jain, Co-founder, Micromax Informatics said, “At Micromax, we have always believed in bringing more value to our consumers by integrating the best in class services on our devices and this is where the future is. 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. We have a roadmap to provide integrated services and leverage the mobile as a platform to converge these services. We will continue to invest resources, partnerships, time, effort and money to ensure our customers get what they want and the whole of the ecosystem shifts to meet the requirement of the consumers.”
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.
Speaking on the association Mr. Anish Williams, Co-founder & CEO, 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.”
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. 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 frictionless digital payments, world class convenience, highest levels of security and rich rewards.
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