Micromax ties up with TranServ to offer native mobile payments solution

Micromax ties up with TranServ to offer native mobile payments solution

Micromax Informatics today tied up with TranServ to offer a native mobile payments solution on its smartphones in India. The strategic partnership will enable the smartphone vendor to launch not just one but a series of payment solutions “to meet the varied demands” of the Indian smartphone consumers.

The partnership will be used to let users make financial and social transactions directly from their Micromax handsets. These can be sending or requesting money, splitting bills, sending gifts and making payments through native contacts list on the device. “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,” says Vikas Jain, co-founder, Micromax, in a press statement.

“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.”

Digital payments company TranServ already serves businesses of varying sizes and scale to collect and disburse payments. But the new deal will make the company a full-fledged mobile payments provider through Micromax wallet. The wallet would come pre-installed on future Micromax smartphones to enable mobile payments, without requiring the installation of apps such as Paytm or MobikWik.

“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 CEO, TranServ, in the statement. “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.”

Apart from enabling mobile payments, the partnership between Micromax and TranServ will roll out digital financial solutions including micro-loan and other personal financial services. The companies are also set to build an offline network of retail points to provide customers an option to top-up their wallets directly through cash payments. This would give the new offering an edge over the existing mobile wallet and payments solutions as a large number of people in India are yet to use their credit or debit cards or net banking services to make online payments.

Overall, the new move by offering a native mobile payments solution shows that the Gurgaon-based company is set to disrupt the existing market, which presently relies on services offered by Alibaba-backed Paytm. This would receive first-mover advantage from the smartphone market that already predicted to surpass the US by 2017.

With additional inputs by Jagmeet Singh

Categories: Miscellenous News