Top News

Micromax on course to join mobile wallet bandwagon

  • Yu
    Televentures, which is owned by smartphone maker Micromax, is close to
    launching its own mobile wallet by striking a partnership with a payments firm,
    the
    Mint reported.
  •  
  • Yu, which
    announced its entry into software services with the launch of Around Yu—a suite

    • Yu
      Televentures, which is owned by smartphone maker Micromax, is close to
      launching its own mobile wallet by striking a partnership with a payments firm,
      the
      Mint reported.
    •  
    • Yu, which
      announced its entry into software services with the launch of Around Yu—a suite
      of services bundled into its new smartphone Yutopia—said it is eyeing a
      strategic investment in a payments company. The deal is expected within a
      month.
    •  
    • “All these
      services will be deeply integrated and stitched with one payments system,” said
      Rahul Sharma, co-founder, Micromax. The company has been diversifying its
      business to include high-margin software, services and creating new revenue
      streams.
    •  
    • Yu, which
      has been working on its services platform for nearly a year now, in the first
      phase offers services in travel (local cabs, flights, hotels), food, shopping
      and will add up more categories going forward. These services are being rolled
      out in partnership with food ordering platform Zomato, price comparison travel
      site Ixigo and price comparison shopping portal Scandid.
    •  
    • It expects
      to launch recharges and healthcare as the next categories, said Sharma. “You
      will see us investing in more companies and then integrate them in our services
      platform,” he said.
    •  
    • The company
      is looking to make at least four to five new investments in start-ups in
      healthcare and payments companies in the next 12-15 months to boost the
      services play, the report said.
    •  
    • “We believe
      that the whole app world is going to go away. How many apps are you going to
      keep in your phone? With Around Yu one does not need to install separate apps,”
      Sharma said. “We are poised to disrupt the services play with the current
      offering. It is very similar to what WeChat has done in China,” he added.

     

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