The new partnership will allow Micromax to provide users of its handsets a native payments solution for financial and social transactions including sending or requesting money, splitting bills, sending gifts to friends, and making payments through phone integrations.
Announcing the partnership, Micromax adds that the tie-up will see rollout of several digital financial solutions such as micro-loans and other personal financial services. TranServ has also partnered with banks to expand the financial services being offered.
In a release, Micromax adds, "There is [a] 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."
Considering that there is already a galore of mobile wallet services in India, it will be interesting to see how Micromax leverages its brand and how it connects with audience with its latest venture in payments ecosystem.
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. We have a roadmap to provide integrated services and leverage the mobile as a platform to converge these services."