Summary
Paytm Karo- How a brand became a verb
Challenge
India: A cash obsessed nation According to PWC, pre- demonetization, over 98% of transactions in India were carried out in cash. Even three decades after debit and credit cards trying to be successors of cash, 5 out of 6 card transactions carried out at the ATM were to withdraw cash. The emergence of mobile wallets In the hope to capitalize on the widespread adoption of smartphone and increasing internet penetration in India, by 2014 many mobile wallets had entered the market. However, even when the smartphone market in India boasted 140 million devices, key players in the digital payments' segments, including Mobikwik, Airtel Money, Vodafone m- paisa and CitrusPay, grappled with the challenge of achieving a modest penetration of 10- 15%. The challenge: In an evolving landscape of digitization, how does Paytm continue to be the preferred behaviour of Indians? Objective - Grow Paytm's adoption across the country.
Objective
This case offers lessons on how to change India's decade old habit. Paytm realized that the functional benefits of digital payments were not enough to change India's relationship with money. So, it would have to set its ambition right: at the start, it had to challenge India's all- pervasive form of money- cash. As the face and role of money changed with each passing year- Paytm had to embrace many challenges with innovation and communication to hold relevance in people's lives. Through extensive communications across mediums- ‘Paytm Karo' became a nationwide phenomenon- a category verb for digital payments in India.
Strategy
Our target was to champion the Indian masses transcending all ethnicities, geographic locations or any other demographic. PAYTM KARO: A new behaviour that evolved to encompass all meanings of money. We turned Paytm into a verb 'Paytm Karo'- a verbal shorthand that elevated PayTM from being merely a platform to a currency in its own right. STORYTELLING THROUGH TV The introduction and evolution of the 'Paytm Karo' thought happened through emotional TV commercials that showcased real-life usage occasions. MASS OUTREACH THROUGH RADIO & NEWSPAPER • The slogan of 'Paytm Karo' was spread through catchy radio jingles that explained the benefits of this habit. Paytm Stickers for merchants to become a part of digitzation. PRODUCT INNOVATIONS • Paytm Lifafa: Changed product UX to include a way to send shagun. • Paytm Gold: Allowed people to buy gold starting at a low price of Rs. 1 through the app. • Paytm Soundbox: India's first voice based payment confirmation system ENGAGEMENT PROGRAMMES • Digital education through instructional videos for products and features in multiple languages. • Started the largest financial digital literacy program - Paytm Sikhao, which took the help of Paytm users to educate non-users. ON-GROUND VISIBILITY • We got sustained visibility through title sponsorships of BCCI events, tie-ups with cab companies like Uber and retail presence from QSRs to chai- wallahs. • Outdoor placed at key points of sale (marketplaces). DIGITAL & CONTEXTUAL ADS • Amplified the "'Paytm Karo' habit with geotargetting digitally active shoppers.
Data
This case offers lessons on how to change India's decade old habit. Paytm realized that the functional benefits of digital payments were not enough to change India's relationship with money. So, it would have to set its ambition right: at the start, it had to challenge India's all- pervasive form of money- cash. As the face and role of money changed with each passing year- Paytm had to embrace many challenges with innovation and communication to hold relevance in people's lives. Through extensive communications across mediums- ‘Paytm Karo' became a nationwide phenomenon- a category verb for digital payments in India.
Solution
Results
In a cash loving country, Paytm was able to change the habit of 450 million people on the customer side and 30 million merchants on the supply side. Thus, creating an ecosystem of 'Paytm Karo' across India. Paytm leads the category with over 45% penetration in India. 75X growth in registered users for Paytm. 60X growth in merchant base across touchpoints. Merchant payment volumes (GMV) increase by a whopping 473% in India. Paytm achieved universal awareness by reaching 99% awareness across India.
