An employee stands at the counter of Micromax mobile phones at a showroom in New Delhi
[Representational Image] A file photo showing an employee standing at the counter of Micromax mobile phones at a showroom in New DelhiReuters

Popular home bred smartphone maker Micromax Informatics, in collaboration with TranServ, has officially forayed into mobile payment business.

Micromax's mobile wallet is India's first native mobile payment service to offer varied financial transaction options under one roof.

It is said to come with various options such as send/request money, split bills and send gifts to friends. Since the application is integrated in to the smartphone, users just have to look in to the contact list in the address book and initiate the process.

This platform will also have micro-financial loans option to users from partner banks affiliated to Micromax and TranServ. No other mobile payment service in India offers this feature.

"Our vision is to enable users to enjoy a seamless and delightful experience across categories like Hospitality, Travel, Healthcare, Entertainment, Ecommerce or Payments where we populate the gaps to map their digital journey to their fulfilled world," Vikas Jain, Micromax co-founder said in a press statement.

The company is also planning to incorporate Visa debit/credit card like feature in this mobile wallet to make purchases online or at offline shops. This service will initially be introduced in Micromax devices, its sister brand YU and later to other smartphones.

YU's recently announced flagship smartphone Yutopia comes integrated with the company's proprietary multi-service hub 'Around YU'. It houses food ordering app Zomato, taxi aggregators (Olacabs & Taxi for Sure), travel app Ixigo and shopping voucher app Scandid. This apparently saves storage as the user need not install individual app seperately in the smartphone.

In few months time, Micromax plans to integrate them with the mobile wallet and also add few more services to this platform.

By offering multiple transaction options, Micromax's new service will certainly stir up a huge storm in the mobile payment industry.

This will push established players like Paytm, Oxigen Wallet, MobiKwik,FreeCharge, Chillr and PayuMoney to offer similar services, if not more, to consumers to counter Micromax-TranServ.