Paytm was established in 2010 and its parent company is One97. Vijay Shekhar Sharma is the founder of the company. Paytm has received a series of funding rounds from popular investors such as the Alibaba Group, Ratan Tata, Mountain Capital, etc. Smartphones with Android, iOS or Windows operating systems have Paytm services available to them.
What is Paytm?
Paytm is a leader in the industry of digital payments. Paytm is an Indian mobile app and online service which is used for making payments like recharging your phone or paying your bills and also allows user to transfer money over the Paytm wallet. Debit and credit cards are the modes selected for these transactions. This prompted many to use Paytm as the government concentrated on cashless transactions.
Paytm's Marketing Strategies
Paytm introduces cashless transaction schemes
The potential market for online marketing as well as cashless transactions has also increased with the growth of mobile phone users in the world. The company has been able to hit the customers with smart phones with its cashless transaction schemes.
- Paytm launched ‘Each one, teach one’ to increase cashless payments literacy - Back in 2016,the company had announced Rs. 2100 in scholarship for 10,000 users who help increase digital inclusion and adoption of Paytm and certificates for one lakh further users across all major districts.
- Paytm had also announced an incentive including Rs. one crore grand prize along with additional prizes like motorcycles, smartphones, laptops and other exciting gifts. All users transacting between 1st December 2016 and 31st March 2017 were eligible to win these prizes.
- The ‘Scan any QR to pay using Paytm’ scheme has been launched in seven languages which are Bengali, Marathi, Gujarati, Tamil, Telugu, Kannada, and Malayalam.
Another USP of the company is co-branding. Brand cooperation with businesses such as Uber and Meru Cabs has been successfully developed. Many more reputable brands have been helpful in getting new customers to use Paytm.
Paytm's Promotion And Advertising Strategies
- Newspaper, transit media and television were the company's offline communication networks. The Paytm promotions also used digital, print media and radio services.
- Paytm was made a household name, using a phrase from the catchy word "Paytm karo"
- The company's online advertisement strategy is focused on bringing visibility everywhere by sharing their ad on Facebook and Twitter, and even sponsored posts on Instagram and at time's even Snapchat.
Paytm's Discount Offers
- The biggest selling point for paytm was without question motivating people to use the offers that have been run by the company.
- Add to these the cashback offers and discounts offered by mobile wallets like Paytm, as well as the reward points and loyalty benefits on existing credit and store cards.
Events sponsored by Paytm
- The company was involved in sponsoring a variety of events, tournaments, etc. that gave the brand an immense exposure.
- Paytm is the official sponsor and supporter of India's cricket team, which would give the brand worldwide publicity and exposure.
- The company has got 120 seconds of airtime for each match played on the tournament, and the brands popularity increased during the World Cup has resulted in the launch of new TV advertisements during the IPL 8 season.
Campaigns made by Paytm
Here is a list of the successful campaigns and partnerships with leading brand run by Paytm:
This is one of the key announcements that rapidly gained populism. The company has become active in social media. #PaytmKaro is being added to almost every conversation that is being driven on Facebook and Twitter. The ad rolls out some life situations such as money transfer, online shopping, mobile recharge which are made easy by Paytm services.
Paytm has imbibed its customers with details about the value of user account security and how they are protected against hacking. Paytm conducted a series of live Facebook training series, “Paytm Merchant Connect- Training Series” which turned out to be a great success.
The Soldier Mobile Game
It's become a perfect campaign for technology-friendly people and game lovers throughout the world. The match reveals the battle against the dishonest militias of Spartan Paytm troops. The game targets the mission of the company of protecting its users interests.
The card's use was beneficial when the wallet was successfully used by the company. By using the Username and Passwords customers can withdraw money from their wallet reservations.
Dabbawallas in Mumbai
Strategic ties between the business and the competent lunch servers in Mumbai City. These messengers only pay through the Paytm App.
Auto-start of the SMS for a month:
Paytm continues to send customers reminders regarding payments. The messages are intended to notify the customer that the digital wallet can be used to make those payments easily.
A contest held for students attending MBA courses are invited to produce a video about the use of the paytm application. The winner will be the person whose videos receive the maximum number of likes.
Paytm has successfully induced Indians to rely on the use of cash in regular daily businesses. Instead, people in the country prefer to make digital payments for such transactions. There's one initiative called Aadat Se Azadi or Habit Free. This is achieved by highlighting problems facing people when dealing with cash. It was also stressed why and how people feel insecure when they go out with plenty of cash.
FAQs of Paytm’s marketing strategy
1. How many users does Paytm have?
More than 150 million people actively use Paytm wallets for making online transactions.
2. How many merchants have accepted Paytm as mode of payment?
3 million merchants accept Paytm as a mode of payment.
3. What is the process of using Paytm?
Utilizing net banking, credit/debit cards, IMPS or any other way listed on the bank you have to move some money when you are registered with Paytm. In order to pay you scan the cod or type in the number of the vendor.
4. How can you identify if a store uses Paytm?
In addition, the blue Paytm logo can easily be identified. The physical presence of the brand is attributed to the presence of stickers, hanged posters, Paytm posters etc helps users to identify if payment can be made through Paytm.