One97 Communication-owned online payments firm Paytm on Thursday announced the launch of its mobile wallet services in Canada. This marks the entry of Indian consumer services startups in the Canadian market. The Paytm Canada app is currently live on Google Play Store and iTunes.
The Paytm Canada app will allow Canadians to pay for their cell phone, cable, internet, electricity, and water bills. They can also use it to pay insurance premiums and property taxes.
The app also sends a reminder for bill payment to the user 10 days prior to the estimated due date, and keeps sending multiple reminders until one pays the bill or notifies it to stop. Paytm Canada debits money only after the bill is paid.
“The company started out in Canada back in 2014 as a two-member operation in Toronto, working out of local libraries,” said the company’s blog. Three years ago, the humble start was marked by the setting up of Paytm Labs — the research and development division — in Toronto. Since 2014, the company has used big data, artificial intelligence, and machine learning on Paytm’s data assets to build strong products for over 200 million consumers.
Harinder Takhar, CEO, Paytm Labs, said,
“Consumers in Canada will be able to access the seamless Paytm experience that is already well known in India for its convenience. We are confident that Canada will be a very successful market for us.”
Since 2014, the company has grown from a two-person operation to a team of 55 which includes data scientists and engineers.
Last month, Paytm launched its e-commerce arm, Paytm Mall, which offers consumers combined features of the mall and bazaar concepts. All products listed on the mall will also go through Paytm-certified warehouse and shipping channels. Alibaba and SAIF Partners have put in $177 million and $23 million, respectively into Paytm’s e-commerce arm.
Last month, Reliance Capital sold its one percent stake in Paytm to China-based e-commerce major Alibaba Group for Rs 275 crore. The Anil Ambani-led company had bought this stake for Rs 10 crore and had also received one percent equity in Paytm’s e-commerce wing, Paytm Mall, free of cost, owing to its investment in the parent company.
“It’s been a great experience to be home to the Paytm Labs team in Toronto since 2014. Toronto is the city for a company looking to locate in North America with our multi-sector strength and our exceptionally diverse talent pool. With the launch of the Canadian app, we look forward to Paytm’s success and being an integral part to its growth story globally,” said Toronto Mayor John Tory.