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Micromax all set to offer mobile wallet with smartphone
Highlights
Micromax, India\'s consumer electronics company is all set to integrate a mobile wallet into its smart-phones by January. India\'s largest home-bred handset maker will now offer its customers software services, which will become a key differentiator in a hugely competitive and commoditized device market that is growing at breakneck speed.
Micromax, India's consumer electronics company is all set to integrate a mobile wallet into its smart-phones by January. India's largest home-bred handset maker will now offer its customers software services, which will become a key differentiator in a hugely competitive and commoditized device market that is growing at breakneck speed.
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The smartphone maker will begin introducing new models with pre-integrated wallets over the next three to four months and will enable existing smart-phones through software updates, which will take the reach of the payment service to about 25 million connected mobile phones.
"The device is going to be more of a customer acquisition tool," Micromax co-founder Vikas Jain said.
"We are fortunate that that business remains profitable for us, but we have seen quite a lot of global unicorns not making money on the hardware," added Vikas.
With India's first smartphone based native payments solution, Micromax intends to reach 10 percent of India's billion-strong population in the next two years. The Gurgaon-based company has partnered with Fintech provider TranServ to integrate payments with its service platform, which will allow users to do multiple financial transactions like sending or requesting money, splitting bills and making payments to contacts in the device address book.
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