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LYFT Inc (NASDAQ:LYFT) Replaces The All-Access Plan With The Cheaper Lyft Pink Membership

In an effort to serve its customers better, LYFT Inc (NASDAQ:LYFT) replaced the All-Access plan with the revamped and cheaper Lyft Pink Membership. The All-Access Plan required the Lyft users to pay $299 every month, to access 30 trips within that month. However, each of these 30 trips had a limit of $15. With the Lyft Pink membership, the users only pay $19.99 per month plus a 15% discount on all their car rides. This is more economical and attractive to Lyft users.

The Lyft Pink membership also allows the members three bike and scooter trips each month, complimentary to other membership features. It is notable that the All-Access plan only covered car rides. This means other modes such as bike and scooter riders were not inclusive. This is another benefit that comes with the Lyft Pink membership.

Members of the Lyft Pink get priority airport pickups. Moreover, members get surprise upgrades and discounts as well as waivers on cancellation fees.

In March 2018, Logan Green, the CEO of Lyft, said that “We are going to move the entire industry from one based on ownership to one based on subscription.” This implied that Lyft’s future is heavily reliant on the subscription business model.

A Lyft spokesperson stated that “With Lyft Pink, riders can travel smarter across Lyft’s transportation network of shared rides, bike-share systems, electric scooters, car rentals, and transit partnerships, all within the one app.”

Lyft Pink users do not have to worry about losing their items in Lyft cars anymore, thanks to the lost-and-found fees waivers. The Lyft Pink membership is ideal for users who use or plan to use Lyft three or more times per week. This is because this membership plan will be more cost-effective and convenient for them.

Currently, the Lyft Pink membership is only available in the U.S. However, plans are underway to roll it nationwide within the year. The Lyft Pink plan has been a breath of fresh air to all the Lyft customers. With this new business strategy, the company hopes to lure more riders and drivers.

Published by Duncan Oleinic

Duncan Oleinic is from New Yourk. After graduating with a degree in physics, he began his career as an analyst in a broking firm. Through this experience he was able to advance to the role of correspondent for a U.S based financial news provider, where he worked from 2001 to 2007. He subsequently joined a merchant banking firm as a financial analyst focused on valuing unlisted companies in the sub-continent. Over the course of his two years here, he performed valuations of several media companies which were later acquired by peers.

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