Micromax has launched a new digital wallet across its existing 45 smartphones in partnership with TranServ who in turn has partnered with RBL Bank to process the payments.
“The device is going to be more of a customer acquisition tool. We are targeting to extend the platform to at least 130 million users,” said Vikas Jain, Co-Founder of Micromax. He added that Micromax was heavily relying on its strong distribution network and sale of smartphones.
Under the new digital wallet plan, Micromax will sell a prepaid card with all its new devices and is currently evaluating a way to send new prepaid cards to all its existing customers to adopt the new service that will be integrated into the device. The firm also confirmed that older phones will get the wallet service via an over-the-air software update.
Users can pay online, pay utility bills like mobile recharges, TV bills and send each other cash. If a user chooses to send cash, then the receiver will need the TranServ standalone app to receive or be able to use the money. This however, will also help TranServ increase their user base.
Also, if the user chooses to use another phone later, the TranServ service will still be active and can be used as any other regular wallet service like a Paytm or a MobiKwik.
The move comes at a time when handset companies are facing tough competition from Chinese smartphone makers who sell at prices far below what Indian companies can offer.