Reports: Mastercard to takeover title sponsorship with BCCI for India's home matches

India’s leading fintech company Paytm is set to terminate its seven-year-long association with the Board of Control for Cricket in India (BCCI). According to reports, global payments & technology company Mastercard is going to take over the title sponsorship of all the domestic and international fixtures organized by the BCCI.

As reported by Economic Times, Paytm had withdrawn its name from the title sponsorship by requesting early termination of its contract with BCCI. The contract, which was supposed to run until 2023 will end prematurely, with Mastercard swooping in to take over the reins from Paytm for at least the remainder of the tenure. The titular sponsorship will be priced at the same rate for Mastercard that it was for Paytm, and the handover is set to be finalized in the next five to ten days.

Paytm had renewed its contract with the BCCI in August 2019

Paytm had signed a contract with the apex board for 2015 – 2019, a deal which cost the digital payment giants Rs. 2.4 crore per match. In, August 2019, Paytm renewed its contract with the BCCI for another four years in a deal worth Rs 326.80 crore, or Rs. 3.80 crores per match.

In another latest development edtech unicorn, Unacademy, and digital brokerage unicorn Upstox have also requested to terminate their contracts with the BCCI. Gaurav Munjal, who founded Unacademy in 2015, had made the decision of the company to back away from the renewal public earlier this month via a post on Twitter.

“The last three years with IPL were amazing. Our Brand went to another level. I recommend all upcoming Brands to partner with IPL. Our focus has changed. Hence the decision to not do IPL next year,” Munjal’s post on Twitter read.

While the officials at Unacademy refrained from making any comment on the report, an anonymous source from Upstox stated that they have achieved their goal and don’t require IPL to cater to a new audience in India.

“Upstox has already achieved its business targets from the IPL sponsorships. Its valuation has crossed $3.5 billion and now the brand doesn’t need IPL anymore to reach a new audience.” Upstox source told Economic Times.