After firmly entrenching itself as one of India’s largest payment service providers, Paytm is readying to expand its footprint globally. On Thursday, the company announced that it was now offering its services in Canada as well and has already launched its platform in the country.
Canadians will now be able to settle bills, including those for cell phone, cable, Internet, electricity and water, through the Paytm application. They will also be able to make recurring payments for stuff like insurance and taxes.
On being questioned about why the company chose Canada to make its first foray out of India, a Paytm spokesperson told Livemint:
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.
The fact that Paytm already had a footprint in the country may have had something to do with its decision as well. In case you are unaware of the fact, the online payment provider operates an office in Toronto. The office began as Paytm Labs and was meant to be a research and development division setup by Paytm parent One97 Communications.
The Toronto unit until now, was involved in data analytics operations and in the development of tech-intensive products and algorithms. Opening with merely 2 employees, it today has over 50 software, data science and machine learning experts. We can expect Paytm to expand the office rapidly, so as to accommodate all the additional operations that must now fall under its wings.
The company has been opting for an aggressive growth strategy of late. From segregating its e-commerce unit as Paytm Mall, to bringing Alibaba into the Indian market in earnest, the company has everything it needs to push the envelope. And now, it has taken what can be seen as a major move in the same direction.
Speaking upon the Indian company’s decision to launch in Canada, 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.
Paytm is now available in Canada, upon the iOS and Android platforms.
