Itz Cash has appointed DDB Mudra as its creative agency following a multi-agency pitch.
There is no incumbent on the account. The account will be serviced by the agency's Mumbai office. The account size is said to be about Rs 20 crore. Meridian and Publicis India had also pitched for the account.
Naveen Surya, managing director, Itz Cash, says, "We are proud to partner with DDB Mudra and are looking forward to a long, exciting and committed relationship with the group."
Echoing similar thoughts, Rajiv Sabnis, president, DDB Mudra Group, says that this is the first time the company has engaged with a full-fledged advertising agency for serious communication strategy and brand building efforts. Apparently, the company is now making an attempt to move from B2B to B2C model.
Sabnis explains that the creation of a new consumer facing category is exciting, considering there aren't any significant players in the category. "Prepaid service has become a phenomenon in the telecom sector. However, it is still a new concept in banking and finance. India has a large cash economy and there are a lot of people who still don't have bank accounts. With a prepaid service, it's possible for them to get a card, which they can use akin to debit/credit card," Sabnis says.
While finance is not an easy concept to understand, Sabnis says people will connect to the concept on an emotional level as owning a plastic card is perceived as a sign of upward mobility. He says, though, that the communication will have to educate at all levels, including the dealers.
"While people know how a prepaid service works, we need to educate people on how to apply Itz cards in ATMs and stores. So, we will need to do a lot of ground level activation and contact programmes," Sabnis says, adding that the agency will come out with a multi-media campaign in a few months.
Itz Cash, an arm of the Essel Group, is a multi-service prepaid card company that was set up in 2006. The company offers prepaid payment solutions to customers and businesses, thereby promoting cashless transactions. According to the company's website, it processes transactions worth more than Rs 100-150 million per day. Its network spans more than 10,000 online merchants and 5 lakh POS retail merchants across 2,500 locations, including rural areas.