Micromax Informatics has joined forces with TranServ, a mobile payments company, to launch a smartphone-based native payments solution in India.
The payment solution will enable Micromax users to perform financial and social transactions such as sending or requesting money, splitting bills, sending gifts to friends and making payments through native phone integration, such as contacts in the device address book.
The partnership will also see the launch of a series of payment solutions to meet the varied needs of Indian smartphone customers.
In addition, the deal will also include the roll out of several digital financial solutions such as micro-loans and other personal financial services.
Moreover, the two companies will focus on the offline network by offering users an option to top-up their wallets by visiting a retail store.
TranServ said that it has also teamed up with banks to further extend the financial services being offered.
"There is definite plan to provide Micromax consumers with a Visa card powered by a partner bank that will allow users to experience ubiquitous payments across online as well as offline merchant establishments," TranServ added.
Commenting on the partnership, Micromax Informatics co-founder Vikas Jain said: "And our partnership with TranServ will bring Indian consumers, the most convenient & easy way to mirror their life on the fast evolving internet and mobile ecosystem. We have a roadmap to provide integrated services and leverage the mobile as a platform to converge these services."
TranServ co-founder & CEO Anish Williams said: "TranServ has been championing the cause of reshaping the payments industry and our partnership with Micromax would allow us to collaborate with a leading player who shares our vision of creating a seamless and secure payments ecosystem and enjoin our efforts to help India achieve the status of a cashless economy."