The Subscription Payment event will trigger actions after any successful recurring subscription payment is processed.

Note: This event will not trigger integration actions on the initial subscription payment.

This is most commonly used for internal processes and notifications. 

This event trigger is great to use for “housekeeping”. If you use tags to trigger all other Billing Automation Actions, after every successful payment you could make sure that the tags are removed for things like Failed Payment, Subscription Unpaid, Card Expired, Card Updated, etc. for example. This event will help ensure that if those types of actions have been triggered on a contact record once, they will fire again. Removing tags strategically is just as important as applying them strategically.

Also, you could use this in conjunction with your marketing automation tool, to trigger a special email after 6 months and 12 months of being subscribed. This would require getting creative with your CRM/Marketing Automation tool to track and automate this process.