Vikas Jain, Co-Founder, Micromax, said, “The device is going to be more of a customer acquisition tool. We are targeting to extend the platform to at least 130 million users. The firm was heavily relying on its strong distribution network and sale of smartphones.”
Under the new digital wallet plan, Micromax will sell a prepaid card with all its new devices and is evaluating a way at the moment for sending new prepaid cards to all its existing customers in order to adapt the new service that will be integrated into the device. As per the firm, the older phones will get the wallet service via an over-the-air software update.
Users of this wallet can pay online, pay utility bills like mobile recharges, TV bills and make other transactions like cash transfer from one account to another. In case a user chooses to send cash, then the receiver will need the TranServ standalone app to receive or be able to use money.
Moreover, if the user chooses to use another phone after some time, the TranServ service will still be active and can be used as any other regular wallet service like Paytm or MobiKwik.