From this season, the Faenza-based squad will be known as Visa Cash App RB.

Described as “an unprecedented multi-year agreement”, Visa becomes the first global partner of both Red Bull F1 teams, but predominantly adorns the team formerly known as Scuderia AlphaTauri.

It is Visa’s first new major global sports sponsorship in more than 15 years, with the agreement not only encompassing the Italian marque, but there is also a corresponding title partnership on the F1 Academy team entry and the Oracle Red Bull Racing team.

The Cash App part of the branding refers to a money app that allows a user to spend, send and store money.

The team is to unveil a livery for its cars, that will be driven by Daniel Ricciardo and Yuki Tsunoda this season, based around its new partners during a special Las Vegas event on February 8.

Team CEO Peter Bayer said: “It’s fantastic to reveal the new identity and to welcome new partners as we embark on the next phase of the team’s Formula 1 story.

“Faenza is entering a new era of racing, staying true to our roots as a hothouse for talent but now with an even greater focus on competing for the biggest prizes in F1.

“We have a bold vision for the team led by myself and team principal, Laurent Mekies, and having future-focused partners such as Visa and Cash App alongside us on that journey is hugely exciting.”

Describing the “birth” of the team as “a hugely significant moment”, Red Bull Technology chief marketing officer Oliver Hughes said: “The new identity is not simply a name change.

“It’s the start of a thrilling new journey designed to take the team to new levels of competitiveness and that’s demonstrated in the presence of one of the world’s most iconic brands as the team’s title partner.

“But, like the team, Visa is firmly focused on the future, expanding from its world-leading position in its core business to become a global pacesetter in the development of digital financial services for everyone, everywhere.

“Matching that commitment to future finance, Cash App joins the team as a key partner and as one of the most downloaded finance apps.

“The team’s new identity as Visa Cash App RB leans into a future in which the team charges towards the front of the grid every weekend.”

Visa chief marketing officer Frank Cooper III, in declaring the partnership to be “groundbreaking”, said it was “a great opportunity for the Visa brand to engage one of the fastest-growing sports communities on the planet”.

Representing Cash App, brand head Catherine Ferdon said: “With the continued growth of Formula 1 in the US, this sponsorship allows us to deepen our relationship with fans and furthers Cash App’s commitment to supporting and growing the culture of F1 fandom in the United States while offering more value to our customers.”