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Micromax on course to join mobile wallet bandwagon
21 Dec 2015
  • 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.
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  • 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.
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  • “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.
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  • 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.
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  • 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.
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  • 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.
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  • “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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