Now, Micromax Smartphones Will Come Pre-loaded with an E-wallet; Partners with TranServ
If you think you have lost count of the number of digital wallets on offer in the country right now, then you are not at fault. However, Micromax isn’t going to confuse with another addition. Rather, they’re claiming to reduce all the hassles to just one payment solution.
Indian handset maker, Micromax, has partnered with TranServ to pre-install a native digital wallet on all Micromax smartphones from January 2016. For pre-2016 smartphones, a software update will be released soon to install the e-wallet.
Just like other wallets, TranServ will be able to make cashless payments and money transfers to other people. The cashless payment service in India is quickly gaining popularity and it seems like the right time to introduce such a service through a large handset manufacturer.
Vikas Jain, co-founder of Micromax Informatics, said “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 and easy way to mirror their life on the fast evolving internet and mobile ecosystem.”. Vikas Jain hopes to extend the platform to at least 130 Million users.
How does the e-wallet work?
Just like other wallets, you will be able to load cash into the digital wallet and send money or make payments accordingly. The digital wallet can be used for phone recharge, bill payments, digital money transfer at large merchants etc. The only difference from other e-wallets is the fact that there will be no additional app one would have to install to use the service. All Micromax phones will have the native app installed and the user will just have to look up the contact in the address book to send the money to. Quite savvy I must say.
Additionally, as a bonus, what you do get extra is a prepaid card. Once you’re at an offline store, you can use this card in the same way you use a digital wallet, however only through point of sales accepting VISA. It will work exactly the same way as a debit or a credit card.
The digital wallet and prepaid card, both can be loaded with money through either netbanking, debit and credit cards or through other transactions. RBL Bank has been roped in for processing the payments which adds to the existing gateway process. Current Micromax smartphone users could also get the prepaid cards soon, however there are still talks about ways to tackle the situation.
“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,” added Vikas Jain.
Through the platform, Micromax also plans to offer micro-financial loans option to customers in conjunction with partner banks. Some very unique USPs associated with the product can definitely take it a long way forward.