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Indian-based payment and ecommerce firm Paytm has made a global entry by launching its bill payment services in Canada. Users will be able to make utility bill payments such as phone, cable, internet, water, electricity, insurance, and property taxes via the Paytm Canada app. The service is available on both Android and iOS. This will be the first Indian mobile wallet to go global. However, Paytm will complete the payment only on the day the bill is due.
Paytm had created an R&D lab, Paytm Labs in Toronto in 2014, which currently employs 55 data scientists and engineers. Over the two years, the company has expanded its research in the technologies associated with mobile payments and m-commerce environment in Canada. Paytm India is backed by Chinese ecommerce giant Alibaba.
With the backing of Alibaba and partnering with Alipay, Paytm intends to expand its operations globally. While Alipay will focus on global acceptance, Paytm will focus on acquiring customers locally. Contactless payments in Canada have been on the rise over the last few years with the shifting consumer preferences and merchant acceptance. Apple Pay, which was launched in 2015 in partnership with American Express, has witnessed significant growth in Canada. Many banks also have offered support to Apple Pay. Paytm intends to expand its service offerings in the near future in order to compete with existing players in the market.
The Canadian mobile payment market is expected to record a CAGR of 44.8% from 2017-2021 to reach US$ 98.1 billion in transaction value terms by 2021.
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