Mobile tech giants Apple, Google, LG and Samsung have recently begun investing in mobile payment system to deliver a more convenient approach in purchases for users. Another one to join in the spectrum is Micromax as it partners with mobile payment company, TranServ, to announce a new smartphone-based native payment system, thus allowing users to make financial transactions. They can send or request money, split bills, send gifts to friends and relatives, and so forth.

According to reports, Micromax, the largest Indian handset manufacturer, is also partnering with monolithic Indian mobile payment company TranServ. TranServ will be providing the payment service ecosystem to Micromax devices, and the company has also partnered with several banks.

Furthermore, reports said that there will also be a Visa card that is powered by a partner bank for users with Micromax handsets, giving them the ability to make transactions even during offline scenarios. The mobile payment system will be pre-installed on upcoming Micromax devices and will arrive to previous handsets via software updates.

Other than payments, the service will also provide solutions such as micro-loans and other personal financial services. Users will also be able to top-up their accounts using cash at Micromax's and TranServ's service network across India.

"Our vision is to enable users to enjoy a seamless and delightful experience across categories like Hospitality, Travel, Healthcare, Entertainment, E-commerce or Payments where we populate the gaps to map their digital journey to their fulfilled world. The growth in mobile payments has a lot to do with the ease of payment and tight integration with popular services," Vikas Jain said, co-founder of Micromax Informatics.

Mobile payments will most likely push to the mainstream when next year hits. With the largest tech companies joining in the game, financial transactions via mobile devices could become a standard soon, considering how essential smartphones are today.