Paytm’s controversial advertisement, featuring Prime Minister Narendra Modi, the day after demonetisation is one of the much talked about topics even today.
Paytm founder Vijay Shekhar Sharma recently revealed his experience of the fateful night of November 8, 2016, when Prime Minister Narendra Modi announced demonetisation. The unicorn company is seen as one of the biggest beneficiaries of the move. Paytm’s controversial advertisement, featuring Prime Minister Narendra Modi, the day after demonetisation is one of the much talked about topics even today. However, the advertisement was just a stroke of success for founder Vijay Shekhar Sharma who says he didn’t completely understand the gravity of the PM’s move. At an IAMAI event this week, Vijay Shekhar Sharma also admitted that the ad later became a focus of conversation. “You guys are talking about it four years later as well. We just wanted to get India’s attention that ‘Ab ATM nahi Paytm Karo’.
WATCH | Paytm’s Vijay Shekhar Sharma at Digital India Summit
Speaking at the event, he said: “I called up my team to say we should place an advertisement tomorrow as there is a very good context for it. However, I didn’t know what was going around. So I asked my team to publish the Prime Minister’s photo in the ad… If nothing, people will think that our advertisement is somehow related to PM’s announcement.” His anecdote was followed by a massive round of applause from the audience. He further said that securing the permission for the spread was a challenging task for the company as several companies were not ready to take the advertisement without the government’s approval. However, some other publications agreed to carry the advertisement.
For India’s digital payment companies such as Paytm, the night of demonetisation came as a blessing as the adoption of digital payments grew multifold in the months to follow. In fact, India’s work in revolutionising Digital Payments was also recently acknowledged by technology giant Google which directed the US Federal Reserve to look into India’s success in Digital Payments. The country also recently crossed a significant mark of transacting a billion digital payments in a month.