SBI Card and Singapore Airlines have officially launched the KrisFlyer SBI Card, marking a significant milestone as Singapore Airlines’ first co-branded credit card in India. This KrisFlyer SBI Card launch, which took place on September 30, 2024, aims to cater to premium travelers by providing exclusive benefits and rewards tailored for frequent flyers.
Strategic Partnership
This partnership combines the strengths of SBI Card, India’s largest pure-play credit card issuer, with Singapore Airlines’ extensive travel network. Abhijit Chakravorty, MD & CEO of SBI Card, emphasized the importance of international travel as a key spending category, driven by rising incomes and technological advancements. He stated:
Bryan Koh, Divisional Vice President for Loyalty Marketing at Singapore Airlines, noted:
Access to Indian Travelers
Singapore Airlines has had significant access to Indian travelers through its previous 49% stake in Vistara, a joint venture with Tata Sons. This partnership allowed Singapore Airlines to tap into the growing demand for air travel within India. With Vistara’s domestic operations and its focus on premium services, Singapore Airlines was well-positioned to observe the evolving preferences of Indian travelers.
Now, as Singapore Airlines prepares to hold a 25.1% stake in Air India following the merger with Vistara, it is expected to further strengthen its presence in the Indian aviation market. This strategic move will enable Singapore Airlines to leverage Air India’s extensive network and customer base, enhancing its ability to serve Indian travelers more effectively.
Target Audience
The KrisFlyer SBI Card is designed for super-premium cardholders, offering unique benefits across various platforms within the Singapore Airlines Group, including Scoot, KrisShop.com, and the Kris+ lifestyle app. The card will cater to affluent travelers seeking enhanced rewards and experiences.
We have done a detailed review on both the cards.
Travel Landscape in India
The travel and tourism sector is crucial for India’s economy, contributing approximately INR 19.13 trillion ($230 billion) to the GDP in 2023, marking nearly a 10% increase from 2019 levels. Domestic tourism plays a vital role, with 1.73 billion domestic tourist visitsrecorded in 2022—a significant recovery from previous years.Additionally:
- International tourist arrivals are projected to reach 30.5 million by 2028.
- The aviation sector has seen robust growth; India is now the third-largest domestic aviation market globally.
- Domestic air passenger traffic has surpassed pre-COVID levels as travelers increasingly opt for air travel over other modes.
Why Singapore Airlines is interested in India
Singapore Airlines operates flights to eight cities in India, including major hubs like Mumbai, New Delhi, Bengaluru, and Chennai. This extensive network allows them to serve a growing number of Indian travelers seeking international connections. In recent years, Singapore Airlines has seen a surge in passenger numbers from India, reflecting the increasing demand for global travel options.
This collaboration not only enhances customer loyalty but also positions both companies favorably in a competitive market focused on premium travel experiences. The KrisFlyer SBI Card launch is set to become a valuable asset for frequent travelers looking to maximize their travel rewards.