BackPaytm starts global expansion, launches app in Canada
Users in Canada will be able to pay for utilities such as cell phone, cable, internet, electricity and water bills through the Paytm app
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New Delhi: Online payment firm Paytm, run by One97 Communications Pvt. Ltd, has started offering its services in Canada, the company said on Thursday.
Users in Canada will be able to pay for utilities such as cell phone, cable, internet, electricity and water bills through the Paytm app. The app will also support payments towards insurance and property tax.
The app is available on Android and iOS platforms.
This is Paytm’s first international market, the company did not say whether it is looking to offer its services to any other countries.
“Canada has all the right ingredients — a mature, smartphone-ready population, an environment that greatly promotes innovation in the fintech space and we felt that the bill payments experience can be greatly improved," a Paytm spokesperson said in response to an email query.
Paytm first started its Toronto office in 2014 as Paytm Labs -- a research and development division setup by One97 Communications.
The unit is engaged in conducting data analytics and developing products and algorithms that power Paytm’s platform.
“With the Canadian app launch, we look forward to Paytm’s success and being an integral part to its growth story globally," said John Tory, mayor of Toronto in a statement.
From a two-member team in 2014 it has grown to 50 members that include software, data science and machine learning engineers, Paytm said.
The company plans to add more services and features to the app going forward, Paytm said in a blogpost on its website.
The company recently rebranded the e-commerce unit as Paytm Mall and launched a dedicated website, Mint reported in February. The e-commerce venture, housed under Paytm E-Commerce, is expected to raise $180-200 million (around Rs1,210-1,350 crore) from Alibaba Group Holding Ltd, and others, that will value the entity at $1 billion.
Earlier this month, Mint reported that three investors in One97 Communications--Reliance Capital, SVB (Saama Capital) and SAP Ventures—sold their combined stake of about 4.3% to Alibaba Group Holding Ltd and its payments arm Ant Financial, which valued the company around $5.7-5.9 billion.
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