On Tuesday late evening, Prime Minister Narendra Modi in his televised address to the nation, announced demonetisation of Rs 1000 and Rs 500 notes thereby making these notes invalid in order to tackle the menace of black money, fake currency and corruption. Those having these notes can still deposit them in their banks from November 10 till December 30, 2016. After this, one is required to show ID proof in order to change these notes till March 31, 2017.
New notes of Rs 500 and Rs 2,000 would be released and circulated from November 10 in the market. While this sudden announcement created a lot of panic among the general public as all banks, ATMs and post offices will remain closed on Wednesday today, several brands such as Paytm, MobiKwik, FreeCharge, Zomato, Bluestone and Big Bazaar encashed on this opportunity to connect with their audience through interesting campaigns using social media or sending messages to customers saved on their data base. This targeted marketing by brands using a topical issue like ‘PM Modi’s surgical strike on black money’ helped them to grab good eyeballs.
Mobile wallet Paytm reminded their customers on social media as well as on the app asking people to go cashless. It urged them to add money to their Paytm wallet, so that they can use it without any difficulty. The brand also promoted this message using their hashtag #Paytmkaro
Mobikwik connected with their consumers by asking them not to panic and use their service, which can allow them to pay any bills without the usage of cash. It urged the consumers not to rush to ATMs and create unnecessary chaos and instead to go cashless.
The brand also supported PM Modi’s attempt to curb black money and used the hashtag #Freechargenotcash to connect with the trending topic on this occasion.
Online jewellery store Bluestone sent out messages to people telling their customers that the value of Rs 500 will become zero after midnight, but 5gms Gold today will be 5gms gold forever.
Big Bazaar took opportunity of the moment and kept their stores open till 11:50pm. Kishore Biyani, Founder and Group Chief Executive Officer, Future Group also shared this news from his own Twitter handle.
Online food ordering app, Zomato highlighted their feature of accepting payments online and promoted this on social media.