Yu Televentures, a subsidiary of India-based smartphone manufactuer Micromax, last week announced it is close to reaching an agreement with TranServ to put a mobile wallet on its newest smartphone, the Yutopia. 

Yu said in a press release the mobile wallet will be part of Around Yu, which is a software suite that comes bundled with the Yutopia smartphone. 

"All these services will be deeply integrated and stitched with one payments system," Rahul Sharma, co-founder of Micromax, said in a statement.

Yu said the mobile wallet and payments system will help drive other apps in the software suite, including a food-ordering app, a price comparison travel app and a price comparison shopping app.