Learn how branding activities can enhance your company’s global positioning in the payment ecosystem.
In today’s digital age, payment companies are at the forefront of transforming the way people around the world transact with each other. As the world becomes more interconnected, payment companies face the challenge of not only providing fast and secure payment solutions but also building a brand that resonates with their target audiences.
In the payment industry, brand recognition is very important. Companies and people wouldn’t entrust their money to an unknown brand. As a cross-border and local payment service provider, PayU has to build a strong brand locally and globally to get market share and gain trust.
In this blog post, we’ll discuss why branding is important for companies like PayU, how to build a strong brand, and the business impact of branding.
Table of contents:
The importance of branding for payment companies
Building the PayU Brand
The impact of branding on PayU
Summary: Branding has raised PayU’s profile as a payment leader in high-growth markets.
Branding is important for any company, but it is especially crucial for those in the payments industry. With so many market participants, merchants and consumers need a way to differentiate between payment companies and determine which ones they can trust. A powerful brand can help a company stand out from the competition and earn customer trust.
As payment companies deal with money by their very nature, trust is especially crucial. Money is very delicate; large sums may be involved, and there are reliability concerns. Therefore, financial institutions and FinTechs must rely on robust technology and establish brand credibility.
Customers are more likely to choose a company over its competitors if it has a strong brand that creates an emotional bond with them. Customers who sense a connection to a brand are more likely to become repeat customers and refer others.
Lastly, employer branding can also help businesses recruit and retain employees. A strong brand can instill employees with a sense of pride and purpose, leading to greater levels of employee engagement and job satisfaction.
A company can engage in a variety of branding activities in order to establish and sustain a strong brand identity. Here are some examples of branding activities that are particularly applicable to payment companies.
At PayU, we have worked diligently to develop a brand that resonates with both our merchants and consumers. Here are some of the ways we used to achieve this.
Firstly, we have developed a messaging strategy that emphasizes our core values and our dedication to providing a seamless and secure global payment experience to customers and merchants. While the payment ecosystem is complex and the offering is large, the continuous task is to categorize, simplify, and develop a jargon-free product catalog and other marketing materials. We push ourselves to use messaging that speaks to the needs of each market in which we operate while maintaining a consistent brand voice.
In addition, we make continuous efforts to establish ourselves as thought leaders in the payments industry in several ways, for example:
Furthermore, our local presence in more than 18 high-growth markets enables us to develop strong relationships with consumers and merchants in each market. This allows us to tailor our services to the unique needs of each market, building trust and credibility. This is the essence of our slogan, “Local expertise at a global scale.” This is particularly important in the payment ecosystem, where payment systems are essentially national.
Lastly, we are constantly making significant investments in innovation, developing new technologies and services that make the payment experience for consumers and merchants faster, more secure, and more convenient. Communicating those new developments is helping us establish ourselves as industry technology innovators and reinforce our dedication to providing the best payment experience possible.
The branding efforts we’ve undertaken at PayU are having a significant impact on our business.
Our branding efforts are helping increase brand recognition. This is particularly important for payment gateways. According to our survey from 2022, 73% of Americans, 74% of Colombians, and 88% of Polish respondents said they would feel safer making cross-border online purchases if they recognized the payment service provider.
PayU is a top-of-mind PSP in local markets (i.e., Colombia, South Africa, and Poland) and strives to be the reference for cross-border payments in high-growth markets. This contributes to attracting new merchants via inbound or outbound marketing.
Our brand is helping build trust and credibility with our customers, which leads to higher levels of loyalty. Indeed, we contemplate that a few merchants that have started processing their payments in one country have expanded their partnership to more countries and more regions, witnessing signs of satisfaction and trust.
Finally, our branding efforts are giving us a competitive advantage over the other payment giants. By defining ourselves as a payment service provider in high-growth markets, we have a unique position and value proposition.
As an online payment service provider, PayU was advantageously positioned when the pandemic hit the globe in 2020, encouraging businesses to establish an online presence and consumers to shop online. High-growth markets have undergone a radical digital transformation. In the post-Corona economic turmoil, those markets have recently attracted the attention of global brands.
If PayU’s offering has become more beneficial than ever, neither its positioning nor its brand awareness occurred by accident. Due to persistent branding and marketing efforts, PayU strives to become the PSP of choice for high-growth markets.
Among the 300 PSPs available in the world, it ranks higher and higher, a little behind the PSP giants. Is it the catchy U, the lime green color, the media exposure, or the cutting-edge technology?
It is certainly a combination of all our efforts. Even though we’ve reached an honorable position, we must continue to raise PayU’s profile to maintain our position in this hypercompetitive market and increase brand recognition.