Paytm eyes foreign shores; enters Canada with an App for bill payments
The app will be available for both Android and iOS users in Canada
New Delhi: Alibaba-backed Paytm announced on Thursday its foray into the Canadian market with the launch of its bill payments service in the North American country.
"Users in Canada will now be able to pay for their cell phone, cable, internet, electricity and water bills. In addition to this, users will also be able to pay for their insurance and property taxes by using the new Paytm Canada app," Paytm said in a statement.
The app will be available for both Android and iOS users in Canada, it added.
"We are excited to announce that starting today, 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," Paytm Labs CEO Harinder Takhar said.
Toronto Mayor John Tory, who was present at Paytms headquarters in Noida, said the city has been home to the Paytm Labs team since 2014.
Paytm Labs, located in Toronto, Canada, is the research and development division of Paytm.
"Toronto is the city for a company looking to locate in North America with our multisector strength and our exceptional diverse talent pool. With the Canadian app launch, we look forward to Paytms success and being an integral part to its growth story globally," Tory said.
Paytm has expanded its team, growing from a two-person operation to a full-fledged team of data scientists and engineers.
In India, Paytm is one of the largest financial technology platforms. With a current user base of over 200 million, Paytm offers services like payments/recharges, mobile wallets, e-commerce and will soon launch payment banking services.
Its investors include Ant Financial (Alipay), Alibaba Group, SAIF Partners and Mediatek.
The expected valuation of the same is $24 billion to $25 billion. If required then there will be an option to raise the amount at a later stage
Paytm Money will start its offerings with direct plan mutual fund investments.