wordpress blog stats
Connect with us

Hi, what are you looking for?

Micromax and Transerv to roll out wallets on its smartphones

chillr-adOur Digital Payments coverage is brought you by Chillr: India’s 1st multi-Bank instant mobile payment app enabling fund transfers to anyone in your phonebook.micromax

Handset manufacturer and payments company Transerv have entered into an agreement to integrate a wallet on to the company’s phones.

The new partnership will allow Micromax to provide users of its handsets 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.

The Economic Times adds that the wallet will be an app called UDIO which will be integrated into new phones from Micromax. We’re guessing that it would be similar to Paytm or MobiKwik.

Micromax is creating a large offline network and users will be able to top up their wallet at 135,000 retail outlets where Micromax devices will be sold. The company also adds that it will be offering other financial services such as micro-loans.

Also on Micromax’s plans is that the company will issue a physical card which will integrate with the wallet to make offline payments. It’s worth remembering that Transerv said that it was tying up with mVisa and RuPay to launch a digital service and it would certainly help in making physical cards.

Advertisement. Scroll to continue reading.

TransServ’s tie up with RBL Bank

TranServ tied up with RBL Bank and launched Shmart in February where RBL Bank provided semi-closed loop prepaid account to store funds. Shmart offers a prepaid reloadable wallet for consumers and gives merchants API access to integrate wallets on their website.  At the time Shmart said it counts over 150 merchants, including PayUMoney, as its customers.

Funding: In July 2014, TranServ raised an undisclosed amount in Series B funding from Faering Capital’s India Evolving Fund and existing investor Nirvana Venture Advisors. The company had previously raised an undisclosed amount of investment from Nirvana Venture Advisors in July 2012.

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

The US and other countries' retreat from a laissez-faire approach to regulating markets presents India with a rare opportunity.

News

When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

News

In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...

News

By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...

You May Also Like

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ