||Looped In Expands College Push; Mulls Additional Deals
Properties That Draw Tech-Savvy Young Adults Should Put Mobile Payment Companies on Their Radar Screen
While PayPal, Square and other mobile payment brands have largely focused on music festivals as a platform to promote their products, one company is expanding its presence on another front: universities.
PXT Payments recently announced a three-year partnership with Boston College Athletics on behalf of Looped in, a digital payment app.
The partnership builds on an existing presence on the Boston college scene. PXT launched Looped in at College Fest in September 2012 and followed up the tie with a partnership with Boston University Athletics.
And more deals could be in the works. PXT, which secured the Boston College tie through a broader partnership with Fenway Sports Management, may partner with other properties represented by FSM as well as other organizations, said Rivka Tadjer, PXT's chief of strategic business development.
FSM is the sponsorship sales arm of Fenway Sports Group, the owner of the MLB Boston Red Sox, Liverpool FC and other high-profile properties.
Similar to other mobile payment platforms, consumers can use Looped in for online and offline transactions and to transfer money to friends and family.
PXT targets college students due to their frequent use of smart phones and interest in new technology, said Tadjer.
The company uses sponsorship to demonstrate the app and drive transactions. For example, Boston College will accept Looped in as a payment method at Conte Forum and Alumni Stadium.
The company plans to activate the sponsorship with on-site promotions that transfer money to the handsets of winning consumers, said Tadjer.
"If you answer a trivia question correctly, we can beam you money."
In addition to college sports, the company also targets malls, transportation companies and other markets where frequent financial transactions occur.
(Source: IEG Sponsorship Report, 03/25/13)
What's In It For You:
For stations that partner with colleges in their recruiting efforts and sports divisions, there's a new contender for your sponsorship prospect list. Interesting to note that their competitors have been funneling money into music festivals and similar platforms to target Millennials...have you asked them to partner with you for your concerts and entertainment marketing campaigns?