Following developments and innovations in digital technologies in India, financial services companies are also taking increased interest in nurturing their relationship with technology. To serve the new-age tech-savvy consumer in India, Axis Bank launched its Ping Pay app via an ad campaign featuring film actress Deepika Padukone.
Axis Bank has been very active in the television commercial space and launched various campaigns with its brand ambassador Deepika Padukone but its Ping Pay app is Axis Bank’s maiden venture into the app market. Targeting the social networking youth of India, the app allows the user to transfer money via social networking platforms such as Facebook, Twitter, WhatsApp, emails and SMS.
The ad campaign is conceptualised by Lowe Lintas and Partner and has successfully captured the social media bug among the youth of the company. The ad campaign has not introduced the feature as a purely digital feature of a financial services company but it also seeks to add the attributes of social media communication to the app.
Lowe Lintas’ prime focus was to highlight that monetary transactions through mobile should not involve just money but emotions too. It portrays the same with its tagline – ‘Jab bhi Pay karo, kuch na kuch say karo’. The multi-social payment app keeps monetary transactions between friends ‘informal and yet legitimate’.
Companies in the financial services market have acknowledged the need to link payment and other financial transactions to social media but Axis Bank is the first player to launch a dedicated app for the same. The application not only enables money transfer through mobile but also fosters communication between friends involved in the transaction.
Following the traction of the Ping Pay app by Axis Bank, other banking baron such as ICICI Bank and HDFC Bank may also launch mobile application to test the waters.