With Digital Payments soaring in India, homegrown digital payment
companies Paytm and PhonePe plan to spend a combined ₹ 2000 crore
on marketing this year. They are aiming to increase their credibility
and promote products to a wider consumer audience.
While Paytm has earmarked ₹ 1200 crore for marketing, PhonePe
Plans to spend ₹ 800 crore. For both companies, these spendings are
inclusive of all platforms, including ATL marketing which means
widespread brand-building advertising, and BTL marketing, a form
of highly targeted direct marketing focused on conversions as well as
digital marketing.
PhonePe founder and chief executive Sameer Nigam states that a
strong brand recall on trust, integrity, and innovation is important to
them as their focus is to get at least 150 million new users through the
year. As of date, PhonePe has about 200 million registered customers
of which 75 million are monthly active users. The company plans to
double that active user base this year. Also, PhonePe is the official co-
presenting sponsor for the TV broadcast of IPL this year.
All the while, Paytm is concentrating on branding and marketing
campaigns which are designed to be simple but effective so as to
resonate with its merchants and users, be it in metropolitans or small
tier-III areas. All the while, Paytm was awarded title sponsorship
rights for the Indian cricket board’s international and domestic
seasons till 2023.
Thus, it can be rightly concluded that Indian Digital payment
companies are flexing every bit of their muscles and heavily stretching
their budgets to bank on every new opportunity aimed at capturing
the Indian market share.
Source:
https://brandequity.economictimes.indiatimes.com/news/marketing/pa
ytm-plans-to-spend-rs-1200-crore-on-marketing-this-year/74164404
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