PayU, the online payment solution provider, is investing about Rs 60 crore on a new branding and marketing campaign. Approximately, the company, backed by South African conglomerate Naspers, will spend about Rs 94 lakh per day on marketing followed by a second phase of the campaign with a new budget later this year.
"We want to achieve the goal that whenever an Indian consumer sees the PayU logo after this campaign, immediately an emotion of trustworthiness and safety emerges in his or her mind," said Nitin Gupta, CEO of PayU India.
Recently, PayU has changed its logo. "Green is a colour which signifies safety, trust and health, that's why we chose it," said Gupta.
"To get more and more people to visit a portal, advertising becomes very important. It gives the company a very strong edge in customer acquisition and conversation," said Saloni Nangia, President, Retail Advisory firm Technopak.
According to Internet and Mobile Association of India (IAMAI) estimates, digital payments worth Rs 1.2 lakh crore were made in India last year, of which 3% was through mobile wallets. It is also estimated that by 2020, 30% of digital payments will be made using mobile wallets, thus making sense for companies such as Paytm and PayU to spend big marketing dollars now.