NPCI awards media mandate to Madison World

Madison World has reportedly bagged the media mandate for the National Payments Corporation of India (NPCI), according to sources close to Adgully. This means Madison will now be one of the agencies managing NPCI’s media strategy and execution.

The National Payments Corporation of India (NPCI), the entity overseeing retail payment and settlement systems throughout India, was established through a joint initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA), operating under the Payment and Settlement Systems Act of 2007.

To enhance its digital presence, NPCI had floated a Request for Proposal (RFP) seeking a digital media agency for media strategy, planning, and buying activities, with a budget of ₹93 crore (excluding taxes).  

NPCI, in its RFP, acknowledged the downside of the digital payments boom, stating that along with the growth of UPI and other digital payment methods, there has been a corresponding increase in fraudulent transactions targeting unwary users.

It's worth noting that Dentsu previously held the media mandate from NPCI, having been awarded it in 2016.

In a recent move aimed at bolstering technical standardization and ensuring consistency within the Unified Payments Interface (UPI) framework, NPCI has directed that UPI transactions with IDs containing special characters will be rejected by the central system starting from February 1st.

NPCI also unveiled a new brand positioning centered around the phrase ‘Always Forward’ last year. This positioning underscores NPCI’s conviction that digital financial transactions are pivotal in driving both individual progress and the nation's development, empowering millions to advance through each transaction.

Also Read: NPCI empowers citizens by promoting awareness against ‘Digital Arrest’ frauds