Online wallets: Creating a category

Communication is playing an important role for all the players as it is all about consumer education and changing consumer behaviour 

Archit Ambekar | Mumbai | June 16, 2016

In every new age industry, one is likely to spend on advertising to make consumers aware of the convenience the service offers and it is no different for online wallets. Although penetration will take time, the wallets are trying their best to change consumer behaviour.

Some industry stalwarts in the wallets space feel that communication has changed while others feel the communication is the same, the difference being in showing various use cases.

When advertising in the space began, Paytm, one of the largest players in the online wallets space, entered with its first communication 'Paytm karo' which is still stuck in the minds of consumers. At that time, it was difficult for consumers to understand what the internet player was trying to say. Today, after continues harping of 'Paytm karo', consumers now know that one can make payments by using a mobile app.

Paytm karo TVC:

Their communication has largely remained same, while various use cases are highlighted.

It is natural for a consumer not to understand what a Paytm was saying at that time. The consumer has witnessed the journey of transaction from cash payments to cheques to the usage of credit and debit cards. With smartphone penetration, mobile wallets have become a convenient option for consumer to pay, while keeping less cash with them. And that is what a Paytm or an Oxigen wallet or PayU money is trying to convey to the audience.

Rachna Prasad, Head of Marketing, Oxigen Services, said that when Oxigen launched in July 2004, they were the first online wallets to allow consumers to load cash in their mobile wallet. It is a model that is relevant to a vast section of consumers who still use cash for transactions. Apart from that, a vast number of people do not have bank accounts to transfer money; that's where Oxigen plays a big role.

Sharing some more insights, Prasad said, “Mobile wallets as a category is a new category altogether for consumers and along with that comes new behaviour. Hence, the adoption for such behaviour will take time.”

Prasad is positive that the category has picked up momentum in the last one year. People are showing trust towards mobile payments as it is beneficial for them in some form or the other.

On the other hand, PayU Money tried to convey to people about how some habits can be beneficial with its 'FaydeKiAadat' campaign. Saranjeet Singh, Head, Digital Marketing at PayU, spoke about how they started experimenting on the communication front. Changing behaviour is not something that can happen overnight. Some people still find it risky to pay via a mobile wallet and building trust among those consumers is the challenge. Singh opines, while communication hasn't changed much, the approach towards the consumer has been instigating.

PayU Money TVCs:

A vast number of the target audience for all online wallets is people in the age group of 18-40. MobiKwik also rolled out a campaign communicating the pace of making payments with a mobile wallet. Their campaign 'Be Quick, Mobikwik,' conveyed the message of MobiKwik being more than just an online wallet. Akash Gupta, General Manager, MobiKwik sheds light on how smart phones have mushroomed over the last couple of years. Every app maker is trying to make some space in the consumer's phone.

Gupta feels that the communication has changed from communicating the concept to communicating various uses today. Although, there hasn't been a significant change as the consumer is yet to adopt the whole concept.

MobiKwik TVCs:

FreeCharge on the other hand is not behind on the communication front. They have been telling consumers about the ease of doing a 'mobile recharge' by the FreeCharge charge app until lately where they are communicating about the ease of splitting bills with its 'Lo Do Khatam Karo' campaign.

FreeCharge TVCs:

Almost all the players in the space are trying to deliver the same message that is of convenience of paying via a mobile wallet. While Citrus pay has not done aggressive advertising, they're sticking to their model of being an online payment gateway.

Today, all the wallets are communicating in one direction and the consumer understands that. The space is seeing penetration, and it is only a matter of a couple of years for this cash dependant transacting nation to transact with such payment options.

Info@BestMediaInfo.com

Info@BestMediaInfo.com