Card network Visa’s QR code based payment system mVisa will now be available on the Udio wallet and on Micromax’s devices. Users can securely link their Visa debit, credit or prepaid account to the mVisa application and make purchases by scanning a QR code at a retailer and initiate a transfer of funds from their account to the retailer’s account. mVisa can be pre-embedded into different types of smartphones.
The mVisa payment solution will be made available to Micromax smartphone users through the native Udio app within their handsets, making Micromax the only handset provider with a native app facilitating mVisa issuance.
Note that Paytm, in its effort to push offline payments, also uses QR codes at merchants to make a payment from the app.
Micromax and Transerv entered into an agreement to integrate Udio in their phones. This would give Micromax users 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. Note that Udio will allow customers to load wallets with cash at nearly 100,000 offline centres across the country as part of their deal.
Transerv aims to process close to a billion-dollars of transaction volume in the current fiscal year. Back in April it claimed to process transactions worth Rs 100 crore monthly.
mVisa counts ICICI Bank and HDFC Bank as clients. The banks allow users to make cashless payments from their smartphones at physical stores via the Pockets and PayZapp app using the mVisa service. Visa launched its mVisa payments service in August this year.
Visa’s technology centre: At the time, Visa also started a technology centre in Bangalore as part of its strategy to transform Visa’s global processing network into an open commerce platform. The Bangalore centre would employ 1,000 developers and the team would be tasked with making it easy for application developers to access Visa’s 400 payment products and services in order to build their own payment experiences that can work across a broad range of connected devices.
Funding: Digital payments company TranServ has raised $15 million in Series C funding led by IDFC SPICE Fund and Micromax Informatics, with participation from existing investors Nirvana Capital and Faering Capital India Evolving Fund.