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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.
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.