Madison World wins media mandate of National Payments Corporation of India, Storyboard18 can confirm.
National Payments Corporation of India (NPCI), is an umbrella organisation for operating retail payments and settlement systems in India, is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007.
Last year, NPCI issued an Request for Proposal (RFP) to empanel a digital media agency for media strategy, planning, and buying, with a budget of Rs 93 crore (excluding taxes).
In its RFP, NPCI stated, “While the rise of UPI and digital payments has revolutionized the financial ecosystem, it has also led to a surge in transactional frauds with scammers increasingly targeting unsuspecting users.”
In the past, Dentsu was awarded the media mandate by NPCI in 2016.
Recently, NPCI announced that all Unified Payments Interface (UPI) transactions with IDs containing special characters will be rejected from 1 February by the central system, according to a recent directive issued by the National Payments Corporation of India (NPCI).
This move aims to enhance technical standardization and ensure uniformity in UPI operations, which have become a vital component of India’s digital payment ecosystem.
Last year, the National Payments Corporation of India (NPCI), announced the launch of its new brand positioning, ‘Always Forward,’. NPCI’s new positioning highlights its belief that digital financial transactions are key drivers of individual and national progress, empowering millions to move forward, one transaction at a time, stated the company.