Online payment firm Paytm, operated by One97 Communications Pvt. Ltd, has now started offering its services in Canada. The app is available on Android and iOS platforms.
Users in Canada will now 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.
This is Paytm’s first international market, the company did not say whether it is looking to offer its services to any other countries. The company’s spokesperson said,
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.
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.
In a statement, John Tory, mayor of Toronto, said,
With the Canadian app launch, we look forward to Paytm’s success and being an integral part to its growth story globally.
Earlier, the company had a two-member team in 2014, but now, it has grown to 50 members that include software, data science and machine learning engineers. Now the company is planning to add more services and features to the app going forward.
Recently, Paytm has rebranded its online commerce platform as Paytm Mall in order to act a launchpad for Alibaba in the Indian market. The venture, which falls under Paytm E-Commerce.
Earlier this month, three investors of 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, valuing the company around $5.7-5.9 billion.