Here is how Micromax’s native mobile wallet will work

Micromax has announced a tie-up with TranServ to offer a native mobile payment solution on its mobile phones. Here’s how it will work.

Trying to tap into the increasing number of Indians starting to use mobile payments, smartphone major Micromax has announced a tie-up with TranServ to offer a native mobile payment solution. Micromax Informatics co-founder Vikas Jain said the first device with the new service will be available as early as next month and most of their devices will get a software update featuring the digital wallet.

TranServ CEO and co-founder Anish Williams said the idea was to offer a new option to consumers that covers the entire plethora of payments. Interestingly, the service will come with a Visa card to enable payments in the consumer to merchant world as well.

This will be the first holistic payment service in India, more on the lines of Apple Pay that is gaining currency in the US, though services like PayTM, FreeCharge and MobiKwik have become very popular in recent times.

Also see: Mobile app payments: Paytm to MobiKwik, the digital wallet is expanding

From January, new Micromax devices will come with the integrated payment solution in the devices and the Visa card in the box. Users will be able to add cash to their wallets from credit/debit cards, net banking or even using cash at a Micromax store. While this is something most mobile wallets are offering, the Micromax payment layer will come with an offline element too thanks to the physical card. Williams said the card will offer access to the 1.1 million plus VISA enabled sale points in the country.

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Jain said the service will improve the experience no matter what payment the user wants to make. “We do not want to draw customers from other services and the idea is to offer them a new service,” he added. The company plans to offer everything from micro-payments to micro-loans and peer-to-peer money transfers along with e-commerce and utility payments. The service will be limited to Micromax devices. Incidentally, Micromax subsidiary YU Televentures had announced a suite of services last week which included a payment solution as well.

 

Read more…                                                                                                                                                Source by indianexpress…

 

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