Micromax, TranServ and Visa has announced a strategic partnership and have signed a MoU which will utilize Micromax’s mobile devices to leverage Visa’s unique digital payments products and TranServ’s fin-tech capabilities to promote indigenous digital payment infrastructure.
Micromax users will be able to use mobile-based Push Payments using mVisa, and make interpersonal payments to personal contacts. The company also says that it is working on a future product where customers can do contactless payments through NFC on their smartphones.
The payment solutions will soon be available to Micromax smartphone users through the Udio app. Udio is a digital wallet enabled by TranServ. The wallet allows consumers to shop using a Visa card number linked to the underlying prepaid wallet, wherever Visa is accepted. The wallet can be used both online and offline.
“Digital payments are clearly an important part of our digital experience and services strategy and our partnership with Visa & TranServ further reinforces our commitment to make commerce easier through tight integration with popular services enabling lifestyle of our consumers. We are looking to provide an all pervasive payments layer to our services ecosystem enabling digitalisation of the lifestyles of our consumers,” said Vikas Jain, Co-Founder of Micromax in a press statement.
“At TranServ we aim to build solutions which contribute towards a holistic and secure payments ecosystem. The partnership with Visa and Micromax gives a major boost to that vision and will help develop products that will revolutionize the country’s digital payments landscape,” said Anish Williams, Co-founder & CEO, TranServ.
“Mobile payments are part of the future of payments and their rapid adoption will be instrumental in helping India move towards a cashless society,” said Chris Clark, Group Executive, Asia-Pacific, Visa Inc.