Paytm launches subscription service to take on Amazon, Flipkart

BENGALURU: Taking on popular subscription programmes of Amazon (Prime) and Flipkart, mobile payments major Paytm is set to start its own subscription programme — Paytm First — as it looks to catch up with rivals. The Ant Financial and Softbank-backed company is looking to on-board about 3 million subscribers in the first year, investing about Rs 250 crore in this line of business hoping it would cut its user attrition rate by at least 50%.
Paytm First is looking at a mix of exclusive incentives for consumers, both within its ecosystem of products like payments, movies and travel besides external partners like Zomato, Gaana and Uber.
At this stage, the Noida-based company has priced the annual subscription at Rs 750. Amazon’s annual subscription is priced at Rs 999 while Flipkart’s loyalty programme Plus is not a paid service, where consumers earn digital coins on every purchase which they can redeem on subsequent transactions on Flipkart.