Kotak Mahindra Bank news: India’s third-largest lender, Kotak Mahindra Bank, has reaped multifold gains of their partnership with Ed Sheeran’s Mumbai show organisers. The new sign-ups for the bank’s credit cards have shot up ahead of celebrated British singer-songwriter’s debut India tour next spring.
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Kotak Mahindra bank rolled out a pre-sales offer tied to Ed Sheeran’s March 16 show in Mumbai’s Mahalakshmi Race Course. According to Economic Times, the concert tickets, ranging from Rs 7,500 to Rs 28,000, were available for presale for two days for Kotak Mahindra Bank credit cardholders. Some cardholders that had the bank’s “White Reserve Metal Card” bought their tickets at a 20 per cent discount, at the rate of Rs 5,500.
The bank has launched ‘White Reserve Metal Card’ exclusively for the premium segment of customers, to widen the bank’s offerings for credit card customers.
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Owing to this new deal, Kotak Mahindra Bank, which receives 5,000-6,000 applications for credit cards per day, saw the number spurt to surge to 30,000 a day.
Ed Sheeran’s Mathematics Tour is not the first time the bank has tied up with a prominent artist. Recently, Kotak Mahindra Bank was associated with events like the Backstreet Boys’ DNA World Tour and Trevor Noah’s Off The Record Tour. In fact, back when the bank tied up as the presenting sponsor for the Backstreet Boys DNA World Tour in India, it allowed customers an access to pre-sales tickets at a 25 per cent discount.
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Kotak’s market share for outstanding credit cards has risen from 4.2 per cent from March last year to 5.8 per cent as of March 2023. In 2018, the bank had 12.4 million debit cards and 2 million credit cards. The number of debit cards increased to 28 million and credit cards to 4.9 million as of March 2023.
