Over the last few days, State Bank of India has started aggressively advertising their payment wallet SBI Buddy on TV through a set of four new commercials. Using the hashtag #cashkiaadatbadlo, the ads talk about the ease of banking without cash. The ad promotes the various bank features like - USSD, State Bank Buddy, State Bank Debit Card and SBI Pay.
This comes at a time, when the other e-wallet companies like Paytm, FreeCharge, MobiKwik who were very active in their marketing right after demonetisation have slowed down. According to reports, SBI towards late November last year had announced that they have set aside Rs 50 crore for the next two months to be spent on ad campaigns to promote SBI Buddy.
Below are links of the ads:
Below is a snapshot of few activities on Twitter of the hashtag #cashkiaadatbadlo:
Reportedly, post demonetisation, SBI wallet has been downloaded 70,000 to 80,000 times daily, as opposed to the feeble rate of 6,000-7,000 a day before the note ban. Also at an event held in Mumbai recently, SBI Chairperson Arundhati Bhattacharya pointed that she doesn’t really believe that India can be a cashless society and feels that a“less-cash” economy is a much realistic goal to achieve.
Infact towards the end of December last year, adding money to Paytm wallet using internet banking was disabled by SBI. In a tweet, the bank mentioned “Add money to PayTM using SBI Internet banking has been disabled by bank. We recommend using State Bank Buddy mobile.” Reportedly, the company has been putting up banners across India to promote SBI Buddy app and how it is a better app than Paytm which is being referred as “partly Chinese” company. The banners also say that transfers through Buddy are fully secured since it is owned by the Government of India.
Last month, SBI in partnership with BSNL had also launched mobile wallet application ‘State Bank MobiCash’ for feature as well as smartphones. According to reports, Finance Minister, Arun Jaitley who launched the wallet said, “With the large network of BSNL and SBI, this wallet will reach the remotest areas of the country, in line with the government's digitisation mission.”