“The Paytm First loyalty programme is priced at Rs 750 for a year, and offers multiple annual subscriptions, cashback offers and priority services.”
Paytm, the online marketplace and digital finance solution, has announced the introduction of its first, premium loyalty programme for users. Aptly called Paytm First, the premium subscription programme brings with itself a number of service subscriptions for its customers, including Zomato Gold (via Paytm’s partnership with Zomato), and premium annual memberships of Gaana, Sony Liv, Viu and Eros Now. It also offers special discounts to members for services such as Uber, along with cashback offers.
The Paytm First programme is more of a rewards-based loyalty programme, where paying customers are offered a bunch of memberships and offers against the monthly subscription fee. Furthermore, customers will also be offered a more premium experience while shopping and transacting on Paytm, including cashback of up to Rs 1,500 with Rs 100 cashback on movie tickets every month, exclusive discounts on select categories on Paytm Mall, unlimited priority shipping for free, and instant, zero-delay, round the clock customer care.
The overall nature of Paytm’s customer loyalty programme is similar to that of Amazon Prime, wherein the global e-commerce giant charges an annual subscription fee from its frequent users. Against this fee, customers are privy to Amazon’s highly rated video streaming platform Prime Video, its audio streaming service Prime Music, and a host of other services including Prime Reading, exclusive shopping deals and discounts and priority shipping. Like Paytm, Amazon also has its own digital wallet, Amazon Pay, which provides Prime subscribers with a host of cashback and outright discount deals.
The Paytm First subscription programme is priced at Rs 750 for a year, and the company will be returning Rs 100 as an instant cashback to the user’s wallet as an inaugural offer. The loyalty package has brought with itself a whole bunch of premium subscription deals for streaming platforms, and claims to include overall offers worth up to Rs 12,000 for customers. Paytm has stated upon launch that it intends to sell up to three million subscriptions within the first one year.
Given the slowdown in the fintech sector, most companies are opting for marketing strategies such as subscription and loyalty programmes, in a bid to revive revenues and retain customers. It remains to be seen if Paytm’s regular base of users do subscribe to Paytm First, and how the loyalty programme fares against its competitors.