Micromax partners TranServ for smartphone-based native payments solution

Homegrown handset and tablet manufacturer Micromax Informatics Ltd has announced the launch of a smartphone-based native payments solution in strategic partnership with mobile payments company TranServ Pvt Ltd.

The solution will enable Micromax users to conduct financial and social transactions such as sending or requesting money, splitting bills, sending gifts to friends and making payments through native phone integrations, such as contacts in the device address book, a statement from the company said.

"Our vision is to enable users to enjoy a seamless and delightful experience across categories like hospitality, travel, healthcare, entertainment, e-commerce or payments where we populate the gaps to map their digital journey to their fulfilled world. The growth in mobile payments has a lot to do with the ease of payment and tight integration with popular services," said Vikas Jain, co-founder, Micromax.

Mumbai-based TranServ has also partnered with banks to further expand the financial services being offered. The partnership will see a rollout of unique digital financial solutions such as micro-loans and other personal financial services, it said.

TranServ provides online payment solutions to both consumers and businesses. Its products include prepaid card, mobile card, remittance card and gift card. For businesses, it offers a host of customised solutions like employee cards, sales channel incentive cards and customer engagement card-based solutions. TranServ's payment solutions are offered under the brand Shmart!Pay.

In July 2014, TranServ raised an undisclosed amount in Series B funding led by PE fund Faering Capital's India Evolving Fund, with participation from existing investor Nirvana Venture Advisors.