Micromax Targets 15m Users for Mobile Wallet
Co partners Visa, TranServ for Udio, to launch handsets on Yu platform with the wallet built in by April end
New Delhi: Micromax aims to have 15 million customers making cashless transactions on its mobile wallet Udio this year. India’s largest homegrown smartphone maker will launch handsets with the built-in wallet by April end, pegging payments and services as critical cogs in its strategy for differentiation and future growth in a crowded market.
India’s No. 2 brand has signed a threeway pact with digital payment provider Visa for enabling mobile payments using QR code scans and a PIN at retail stores across the country, and TranServ, a Mumbai-based payment technology platform provider that will offer the mobile wallet.
“We have about 30 million smartphone users who access apps, of which we expect 50% would be using the wallet by the year end,” said Micromax cofounder Vikas Jain. “We’re also exploring plans of rolling it out in countries like Russia within this year.” Indian and international brands are facing the heat in the fastest-growing smartphone market in the world, given increasing competition and Chinese makers offering devices at very affordable prices. Sensing the need for differentiation, new entrants like Le Eco have begun setting up content delivery centres to offer localised content. Micromax is looking to set itself apart with its mobile wallet, which the company says will become the underlying or default payment layer to services it offers via the Around Yu platform ,another element of its differentiation strategy.
The company will offer deals to draw customers to the wallet, which can be used to pay for travel, entertainment and car rides available on Around Yu.
Around Yu is an aggregated services platform that it introduced in the Yu brand of phones sold by subsidiary Yu Televentures. These include services such as hospitality, travel, entertainment, music and ecommerce, primarily services from startups that Micromax has invested in.
The platform will be loaded on all upcoming Micromax smartphones, about 1.5 million of which are sold every month, from April-end.