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

The Economic Times - - Business Of Brands - Gul­veen.Au­lakh@ times­group.com

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.

FILE PHOTO

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