Digital payment services like Apple Pay, Samsung Pay and Android Pay are yet to enter the Indian market. Which is why Micromax entering with its own payment service feels like the only Pay we might actually get to use in the near future.
The popular mobile brand has been inching itself into the services space with health-related products, and payment is the next step for them. Micromax has joined hands with Visa and TranServ for digital payment services that will be made available through their smartphones in the coming months.
And, as highlighted by the company, in the future they will be offering NFC-enabled contactless payment solutions to its consumers as well.
Micromax users will be able to use mobile-based Push Payments using mVisa, seamless eCommerce payments on merchant and social media applications, interpersonal payments to personal contacts, and in the future mobile contactless payments in physical locations through NFC (near-field communications).Micromax Statement
Micromax Pay on the Cards?
This recent announcement has led us to believe that Micromax could in fact become the first player in India to offer Apple Pay-like services. The advantage that Micromax could offer with its product is that you would not need a premium phone to avail of the service. Apple Pay works with the iPhone, and Android Pay is more suited to phones with built-in NFC feature.
If Micromax does bring out its own version of Pay, then NFC-equipped stations are to be provided by the likes of Visa and TranServ.
Digital India Comes to Micromax’s Aid
Micromax diving into the payment space augers well for Prime Minister Narendra Modi’s Digital India campaign. The current regime is fully backing digital payment as the go-to mode for consumers, and Micromax could hugely benefit from its intent.
The company’s subsidiary, Yu Televentures, is big on one-click services that lets users book a cab, and pay for tickets right from their phones.
PwC report indicates that more than 1.2 billion people need to get over to the digital payment platform, for which services need to be convenient and user-friendly.
Micromax can unlock the gates to a largely untapped market in the country. Cash is the major source of payment, while the user base of internet banking in India is yet to reach the double-digit mark... but with Pay service, Micromax can reach their mobiles before anyone else.
Can Micromax Do an ‘Apple Pay’ for India
It is good to see that Micromax is proactively looking at services beyond selling phones. However, for the company to offer services at par with the Apple Pay is a big challenge.
The company started up its shop merely to make big moolah from selling phones, smartphones, and tablets. Then they launched televisions, started selling Windows 2-in-1 devices, and wearables as well. Targeting the digital space is asking a lot from a brand that has primarily focused on hardware till date.
Their recent forays into the software space haven’t been a runaway success. The sync between hardware and software has been severely lacking, and Micromax is not renowned for dishing out services that can cater to consumers on a daily basis.
Micromax Pay needs to be taken with a pinch of salt right now, and hopefully the company can bring out a quality solution to the market soon.
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