You know you have your work cut out for you when your biggest competitor's brand name becomes synonymous with your entire industry. And that is why, having the backing of some of the largest banks in the U.S. helps.
Just ask peer-to-peer payments tool Zelle – which officially launched this summer as the U.S. banking industry's answer to popular mobile payments app Venmo – and is embarking on its biggest marketing push yet to the tune of "double-digit multi-million dollars," said Rose Corvo, chief administrative officer at Early Warning, the bank-owned consortium that runs the Zelle network.
Starting today, consumers will encounter the up-and-coming digital payments brand across the digital ecosystem, including ads on Facebook, Snapchat, Twitter, Hulu and BuzzFeed.
The investment is a bid to increase not just awareness, but also highlight the what Zelle sees as a big strength: unlike Venmo, which takes some time to transfer funds between bank accounts, Zelle's transfers are instantaneous between its various member banks.
But more importantly, Zelle hopes to draw attention to mobile payments as an industry as a whole. Ony 15% of customers in the U.S. use peer-to-peer payments and only 35% use mobile banking, according to an Aite Group study. Zelle wants this to change, and is targeting more than just millennials, who use Venmo for everything from avocado toast to paying their rent.