Imagine Aamir Khan and Alia Bhatt one fine day coming up to you and requesting you to make all your payments digitally through PhonePe. Would you not pause and listen to them at least once.
Well that is almost the case. They will be part of many TV ad campaigns telling the audience exactly this through many everyday stories of people making progress using PhonePe app. A fully digital payments firms whose user base is pegged to around 20 crores across India.
As per Sameer Nigam, Founders and CEO, PhonePe, they have reserved around 800 crore as marketing spend in the year 2020 to create more brand awareness and extend its reach in India. The marketing spend will include TV, above the Line, below the Line Marketing, digital marketing and other advertising media. Aamir khan and Alia Bhatt will be brand Ambassador for PhonePe and will feature in many ad films.
Four TV Ad commercials starring the two celebs will be launched across digital platforms, print and cinema, which will showcase PhonePe vision which is ‘to liberate the flow of money and services, so that everyone can unlock opportunities to progress at peace.’ Aamir Khan and Alia Bhatg were roped due to their immense popularity, talent powerhouse and mass appeal.
PhonePe has already partnered with ViVo IPL twice as the Official Broadcast Partner. IPL is the biggest sporting competition in India. Phonepe has locked horns with other digital payments firms like PayTM Money and GooglePay to maximise their user base and get a bigger piece of this lucrative market place.
Founded by Sameer Nigam and Rahul Chari in year 2015, hoping to ride on the exploding India’s digital payments ecosystem, the company, the company was acquired by Flipkart in 2016. It competed well against the biggie PayTM, which was funded by Alibaba group and Softbank. Later, PhonePe has managed to retain its separate identity as well.
The challenge for PhonePe would be two fold: getting more users and also getting them to spend more using PhonePe. It has reduced cash outflow by limiting cashbacks and various handouts to bring its users and businesses to speed on same page. PhonePe still has lots of scope to grow in multiple segments like groceries, travel and tourism industry, etc. It could soon evolve into another full fledged financial instutuition.