Paytm And PhonePe Will Spend Jaw-Dropping Amount On Marketing Efforts In 2020

The mobile payment companies Paytm and PhonePe has decided to spend a fortune on marketing efforts to strengthen their presence in India. Both the companies are looking to onboard millions of new merchants and customers this year.

Must Read

Social Media Influencers On Hackers’ Target: 100,000 Accounts Leaked On Dark Web!

With influencer marketing and sponsored content being on the rise, more and more content creators, some even...

The Sudden Rise In The Demand Of Refurbished Smartphones In India!

The new normal is changing the dynamics of the Indian smartphone industry. In the last two to...

Google To Start Paying News Publishers For Showing Content In Search Result

After several discussions and negotiations, the mighty Google has finally announced the much-awaited good news for "selected"...

It has recently been reported that Paytm and PhonePe which are leading digital payment companies of India have combined allocated a humongous sum of Rs. 2000 crores to spend on marketing in the year 2020. The top executives at both the companies have implied that the marketing budget is going to be used for increasing their individual companies’ awareness and credibility as well as be used for promotion of their respective products to a wider consumer.

Paytm has set aside 1200 crores for their marketing budget whereas Phonepe has planned to spend 800 crores during 2020.

Advertisements

These proposed marketing spends for both the companies are being said to be invested across all platforms, the key areas of focus being ATL (Above The Line) marketing which includes widespread aggressive brand-building activities, BTL (Below The Line) marketing which happens to be a form of targeted direct marketing focused mainly on conversions and last but not the least digital marketing.

PhonePe has partnered up with this year’s IPL season as an official co-presenting sponsor, a move which is being interpreted as an effort of these new fintech services trying to permeate throughout smaller towns and villages to tap new users as well as onboard new merchants. As more and more people from digitally low aware areas of our country are beginning to make payments via these platforms, it would make sense to establish credibility with this audience.

“For us, a strong brand recall on trust, integrity, and innovation is important as our focus is to get at least 150 million new users through the year,” PhonePe founder and chief executive said Sameer Nigam said.

Nigam also said that the Walmart-backed company has plans to double its active user base this year in 2020 which currently stands at 75 million monthly active users and about 200 million registered customers as of today.

A Paytm spokesperson told to ET that their branding and marketing campaigns are kept fairly simple so that it would be relatable and resonate with their merchants and users be it in an urban setting or that of small tier-III and rural Indian towns. Paytm was also awarded title sponsorship rights for the Indian cricket board’s international and domestic seasons till 2023 last year.

Several significant celebrities are also being roped into the marketing campaigns of these companies. These decisions are mostly made backed by data to decide whether a particular celebrity has a positive consumer value recall and are trusted for the products that they endorse regardless of any fan following. Amir Khan and Alia Bhatt were roped in as brand ambassadors for PhonePe whereas the BharatPe UPI digital payments app was endorsed by Salman Khan last year.

Advertisements

Paytm vs PhonePe: Head-to-Head

India, for quite some time, has been reckoned to be an emerging financial superpower. With swiftly growing internet and mobile services, India is currently on the cusp of something big. The emergence of digital payments on a never-before-seen scale. Moreover, with government-backed initiatives such as Digital India, the spread of digital payments will be catalysed at an even faster pace.

Paytm has been making very big strides to ensure that they are leading the digital payments revolution in India by introducing more and more consumer-centric features to make sure that users stick to their app for their payments need of all kinds. They are also concentrating on merchants by making sure that it is an easy and hassle-free experience on their end to process payments through the app. Paytm has also recently launched an all-in-one POS for merchants to ensure the same. In an exclusive interview with Team Dazeinfo, Vijay Shekhar Sharma, the CEO of Paytm happened to mention that they expect to onboard 10 million new merchants this year in 2020.

PhonePe, similarly, with their plans to grow aggressively to 150 million new users this year is acing on the forefront of digital payments game in India. According to them, they have crossed 5 billion Transactions whilst growing 5 times in a year in 2019.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

Net Worth Of Jeff Bezos Is More Than Combined Net Worth of India’s Top 10 Richest People!

Jeff Bezos and the phrase 'World's Richest Person' has become synonym to each other. But after the...

Update Your Windows OS Immediately: Microsoft

The mandate is clear from Microsoft; you must update Windows OS immediately! Microsoft Corp (NASDAQ: MSFT), as of late,...

The Ordeal of Millions Of Users Of Banned Apps in India!

The recent ban of 59 Chinese apps by the Indian Government, albeit being a move in the right direction to get rid...

Ban On TikTok: Where All TikTok Stars Are Heading To?

Does the ban on TikTok pave an excellent way for Instagram to gain the momentum in business? Yes, as...

Facebook’s New Algorithm Change: A Big Boost To Original Reporting!

Facebook, Inc. (NASDAQ: FB), after long being continuously criticised for meting unfair treatment to news publishers, is currently taking huge strides in...

Search Engine Optimization In Digital Era: Look Beyond Traffic

Search engine optimization, aka SEO, plays a vital role in today's online world, especially if it's about running a business online that...

In-Depth: Dprime

Will The Online Food Delivery Market in India End Up Becoming A Two-Horse Race?

It's pretty much evident that the food delivery space in India is all set to get riled up soon enough as one...

Fantastic 4: Four Day Work Week A Flashpoint Of Innovation?

It has been an idea that has been mooted by many, perhaps also somewhat sceptically. From being a dark horse to becoming...

TikTok Is Facing The Wrath Of People Who Love It The Most

Ever since the popular social media app TikTok entered India, it has been growing very aggressively in terms of users. Within a...

More Articles Like This