India’s leading payment gateway company Paytm dives into space of subscription-based model with the name of “Paytm First”. This is a loyalty and rewards program partnered with the popular apps of food, music streaming, video entertainment, and travel domains.
What’s in the box:
- Zomato Gold Membership (3 Months)
- Uber Eats (benefits worth Rs. 2400 – 1 Year)
- Uber Ride Passes ( benefits worth Rs. 1000 – 6 months)
- Eros Now – Annual Subscription
- Sony Liv Subscription
- Viu App Subscription (3 Months)
- Gaana Music – Annual Subscription
- Wynk Music – Annual Subscription
Along with the partner’s deal, a user will get exclusive benefits on shopping from Paytm Mall, priority shipping, priority 24×7 customer care service and cashback above Rs. 1500 including the Rs. 100 cash back on movie tickets every month.
Subscription Cost and Validity:
The subscription cost for the first year is Rs. 750 with the cashback worth Rs. 100 for early birds.
“Paytm First” subscription comes with the validity of one year. Users will get benefits from the partnered brands during the active subscription period.
We are very excited to launch our exclusive loyalty program “Paytm First” with sought after rewards and benefits spanning across video and music streaming, food and travel, shopping and lifestyle. We are happy to have partnered with leading players from their respective verticals during the initial launch phase itself and we will continue to expand the “Paytm First” program with more benefits and value to our customers.
– Deepak Abbot, Sr. Vice President Paytm
Market Impact:
However many of the market leaders like Flipkart, Amazon & Netflix are already playing on the subscription model naming Flipkart Plus, Amazon Prime / Amazon Audio & Netflix monthly plans respectively. So, Paytm might face tough competition in its new role.
In addition, considering the Paytm plans for launching its own over-the-top (OTT) services, we may expect the payments directly against the likes of Netflix, Amazon Prime Video, Hotstar & Jio TV soon via Paytm. The company is already in partnership with the YuppTV, Hungama & UC News in its inbox service.
In conclusion, Paytm has put a dent in the subscription industry with this move but the one who will get maximum out of this will be the user.
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