MediaCom has won the media planning and buying mandate for the online wallet company, PayPal. The account was bagged on the back of a multi-agency pitch. Sources close to the development confirmed the news to BestMediaInfo.com.
Mediacom and PayPal could not be reached by the time of filing of this report. However, sources suggested that the account size is pegged to be in the range of Rs 60-80 crore.
PayPal will be launching a mobile wallet that will be a direct competition to Paytm, Mobikwik and Citrus. After the demonetisation step taken by the Central Government of India in November 2016, the scope of growth for these companies has catapulted. This has prompted all the players in the segment to pump in huge monies in the marketing and promotions of their brand and services. Until now, PayPal was operating in the payments gateway sector.
Owing to this, the budgets earmarked for marketing by PayPal in its mobile wallet launch phase, are huge.