Payment Applications: An Analytical Study of User Experience towards 245
the Revolutionary Digital Payment Mechanism
Impact Factor(JCC): 3.7985 - This article can be downloaded from www.impactjournals.us
Marketing Strategy of Payment Applications
Payment application operates digitally (on mobile phones and other devices using the internet) rather than
through physical branches. To keep on updating with the trend is the key to success for any business. As there is a rapid
growth in the mobile phone subscriber in India, mobile phones are proven to be a new tool of banking. Payments bank is a
viable business model as they invest in government securities with durations of up to three months. Due to ease &
convenience in handling transaction, 24*7 availability, paperless, hassle free transaction, cashback offers, access to the
marketplace, save time & money, security & curiosity, advanced search options, payments bank is influential as compared
to the traditional banking system.
For this study, I have taken two payments bank such as Paytm and BHIM (Bharat Interface for Money). Paytm is
owned by a private company one97 communications whereas BHIM is regulated by the government of India. Paytm
launches various promotional schemes to attract and retain the customer such as Cashback offer, Paytm ‘Asha Kiran’
scheme to encourage rural women in India, Investment at Zero Cost, Paytm Mall, Linked fixed deposit, Gold saving plan,
Investing in Mutual fund, Life insurance, etc, Donation Devotion, etc. On the other hand, BHIM also launches various
promotional schemes such as Cashback offers, BHIM Referral Bonus Scheme, BHIM Aadhaar merchant incentive scheme,
QR scan, and pay, etc. Payments bank use Television, Radio, hoarding, Billboard, Newspaper to promote and convey their
schemes to customers’. ‘Paytm Karo’ is the latest mission of Paytm to attract the people.
Marketing Strategy of Paytm
• Paytm is getting popular at a fast pace by using the social/digital platforms such as Facebook, twitter, snapchat,
and Instagram. Even the post video is also uploaded on the social media websites in order to share their
experience of usage.
• By using the tagline ”#Paytmkaro” is getting popular in the youth. It is the most convenient and simple way for
day-to-day transactions. Campaigns by TVC are done so that anyone can have access in order to promote the
cashless transactions in India.
• E-wallets are now-a-days trending as it is secure and easy to handle. Commercials are launched on the E-Business
websites and therefore, they are now the eye of attraction.
• The 360-degree campaign is used in order to show the 24/7 availability of the application. If Paytm is used in
Situations like money transfer, online shopping, mobile recharge, paying at the petrol pump, etc, would get
simpler.
The emotional route is used in order to pitch the target audience, as Indians are affected by the emotions and
feelings. It has gained the 50k views on the youtube.
Marketing Strategy of BHIM (Bharat Interface for Money)
• ‘Digi-Dhan Mela’ as a promotional tool was used and the PM invoked it in his Mann Ki Baat radio programme,
and also asked Smartphone manufacturers to pre-install the application.