PayPal is embarking on its first major marketing effort since its split from parent company eBay last summer, and it’s making it count with a SuperBowl ad.
It isn’t an advertisement for any particular business or service offered by the company, but for the brand itself. The 45-second spot revolved around an attempt to rehabilitate the usually derogatory phrase “new money,” associating it with PayPal’s anytime, anywhere approach to payments services and contrasting it with “old money” banks that close at 5:00 p.m. and deal in paper bills.
SuperBowl ad time is, of course, very expensive; but as a major player seeking to dominate the digital payments market, PayPal likely saw the opportunity as well worth the cost. And the company does have some money to spend; The Wall Street Journal reports that PayPal’s revenues increased by 17 percent over its most recent quarter.
While competitors in the mPayment space such as Samsung have put out their own high-profile ads, PayPal’s SuperBowl slot benefited from the high profile of one of the world’s most watched media events. That could even help to boost the popularity of digital payments in general as Americans and others around the world warm up to these new solutions.