Paytm plans Rs 600 crore marketing budget for payment banks unit

Paytm, the digital payments platform, has decided to spend Rs 600 crore on marketing initiatives for its payment banking unit which is to be launched later this year.

The Noida-headquartered company has already been issued an in-principle license by RBI in August 2015, and now stands eligible to launch payment banking operations in the country.

The 600-crore budget will be utilised across several media platforms including, television, digital print, radio and out-of-home advertising. Rs 50 crore has already been set aside for TV commercials, and one can spot them being aired on Indian channels.

Also read: Former Citibank executives to lead banking operations at Paytm’s payments bank

"We are looking at increased saliency around our money transfer, which includes, person-to-person payments at kirana stores and petrol pumps bill payments and movie ticketing businesses. We expect a minimum 40 per cent jump across all these categories," said Shankar Nath, senior vice-president, Paytm.

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