Micromax, TranServ, Visa form strategic partnership

Indian electronics company Micromax on Sunday announced a strategic partnership with digital payments company TranServ and global payments technology major Visa to offer the next generation of payments solutions in India.

"Digital payments are clearly an important part of our digital experience and services strategy and our partnership with Visa and TranServ further reinforces our commitment to make commerce easier through tight integration with popular services enabling lifestyle of our consumers," Vikas Jain, co-founder of Micromax, said in a statement.

The three leading brands have signed a memorandum of understanding (MoU) to utilise Micromax's mobile devices, ubiquitous presence and extensive partner ecosystem in the Indian market.

The partnership will leverage Visa's unique digital payments products and TranServ's fin-tech capabilities to promote indigenous digital payment infrastructure.

"Mobile payments are part of the future of payments and their rapid adoption will be instrumental in helping India move towards a cashless society," said Chris Clark, group executive, Asia-Pacific of Visa Inc.

Using the proposed payment solutions, Micromax users will be able to use mobile-based Push Payments using mVisa, seamless e-commerce payments on merchant and social media applications, interpersonal payments to personal contacts, and in the future mobile contactless payments in physical locations through NFC (near-field communications), the company said.

"At TranServ, we aim to build solutions which contribute towards a holistic and secure payments ecosystem. The partnership with Visa and Micromax gives a major boost to that vision and will help develop products that will revolutionize the country's digital payments landscape," Anish Williams, chief executive officer, TranServ, said.