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Banks and fintech players have turned into keen sponsors and branding partners in this year’s Indian Premier League (IPL) even as crypto players seem to have chosen to take a backseat. The objective is to help them reach a wider customer segment and increase their brand awareness.
ICICI Bank has launched a co-branded credit card in partnership with Chennai Super Kings (CSK). “CSK is amongst the top two teams in the IPL. It fits well with our brand strategy and customer acquisition strategy,” Sudipta Roy, Head – Unsecured Assets, ICICI Bank told BusinessLine.
The new card will enable sports enthusiasts to connect with their favourite teams and also avail benefits of a credit card, he said, pointing out that the bank had earlier launched a co-branded credit card with Manchester United.
“The benchmarks we had set for activation or customer connect, we have more or less achieved it with the Manchester United co-branded credit card,” Roy said, adding that typically a credit card product takes about 24 to 36 months to stabilise the portfolio and break into profits.
More digital players take part
RuPay, the flagship product of National Payments Corporation of India is the official partner for Tata IPL, which begins on March 26. Similarly, Fino Payments Bank is Rajasthan Royals’ digital payments partner for season 15 of the IPL.
“Rajasthan Royals is known to promote cricketing talent from non-metros and smaller towns, our core markets. For us, it is a great opportunity to reach out to the millennial consumer from urban and rural areas, and create avenues for them to explore Fino’s digital payment offerings,” said Rishi Gupta, MD and CEO, Fino Payments Bank.
Meanwhile, RapiPay Fintech has announced a strategic partnership with Delhi Capitals, becoming the team’s neo banking partner. Its brand logo will feature on the back of Delhi Capitals players’ helmets and caps. “Our association with Delhi Capitals will help us in boosting our brand awareness and further propel our Neo Banking initiatives pan India,” said Nipun Jain, CEO, RapiPay Fintech.
Credit card challenger Slice had in January announced a three-year partnership with Mumbai Indians as part of which, its logo will appear on the front of all team’s official jerseys.
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