As cinemas return, the multiplex chain collaborates with Kotak Mahindra Bank to launch India’s first co-branded movie debit card
With states slowly lifting Covid19 related restrictions and star-studded movie releases lined up in the coming months, multiplex chain operator PVR Ltd is anticipating ‘the biggest quarter’ in January-March 2022.
Addressing a virtual press conference at the launch of a co-branded debit card with Kotak Mahindra Bank, Gautam Dutta, CEO, PVR Limited said more than 50% of the states where PVR operates have allowed 100% occupancy. With that, states like Punjab are now performing 15% higher than pre-Covid, while the south has already recovered to about 90-95% and the north is about 80-85%.
Citing the example of the release of 'Sooryavanshi' on which it saw one of it’s best weekends ever, he expressed confidence in the audience returning to theatres.
Celebrating the return of cinemas, Kotak Mahindra Bank (KMBL) and PVR Cinemas, on Tuesday, announced the launch of the Kotak PVR Movie Debit Card - India’s first co-branded movie debit card. This is in addition to their existing two co-branded credit cards, which are currently used by close to 300,000 users.
To extend the reach to a much larger audience, PVR and KMBL have launched the Kotak PVR debit card. Kotak PVR debit cardholders will receive joining vouchers and earn points on every transaction on the debit card (at PVR and outside PVR as well), with no upper limit on the points earned. Points can be redeemed all year round on PVR movie tickets and/or on food & beverages at PVR.
Further, Kotak PVR debit cardholders will get automatically enrolled to the PVR Privilege Plus programme, PVR’s loyalty programme, with enhanced benefits - over and above the PVR Privilege programme.
Puneet Kapoor, president – Products, Alternate Channels and Customer Experience Delivery, Kotak Mahindra Bank Limited said, “We are seeing a gradual return to normalcy and are keen to support the resumption of activities. The first signs of recovery in the entertainment industry are visible with movie theatres reporting higher footfalls and eager audiences keen to experience the magic of the big screen once again. We believe that this is just the right time to further strengthen our Dosti with PVR and introduce the first-ever co-branded movie debit card in India, enabling us to serve a much larger segment of our customers who are avid movie-goers.”
“There is a shift in the aspirations of our customers from value buying to experience seeking and Kotak & PVR will ride on the strong growth potential of the multiplex industry by providing a rich product offering that offers an outstanding movie-viewing experience to our customers,” added Kapoor.
Dutta said that almost 60% of its tickets are purchased online using credit or debit cards. “This partnership is a win-win for all three - PVR, the consumers and Kotak Bank as even the users who aren’t eligible for credit cards can get these cards.”
“We are extremely delighted to associate with Kotak to introduce the First-in-Market, Entertainment Focused Debit Card which will harness the strength of both brands to attract passionate movie goers to our cinemas. Movie viewing is a universal experience spanning across age groups, gender, occupation and geographies, and the unique co-branded debit card that will enable PVR get access to Kotak’s large customer base and reach will help to tap loyal customers. It will assist us further leverage the potential of the PVR Privilege Programme, India’s first fully digital cinema loyalty programme, where Kotak PVR Debit Card holders get accelerated PVR reward points on movie spends. The launch of the Card comes at the right time when the film exhibition sector is showing strong signals of revival with states relaxing restrictions and cinema enthusiasts resuming their movie going habits with the vibrant content pipeline being showcased at the cinemas," he added.
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