PayTM goes global, enters Canada

PayTM, the largest digital wallet player in the country, is eyeing global expansion, and in line with its strategy has entered Canada this week. The application, for now, supports digital payments for cell phone, cable, internet, electricity, water bills, insurance and property tax. It already has an R&D office in Toronto, started in 2014, which is engaged in conducting data analytics and developing products and algorithms that power PayTM’s platform.

It would add more services in its global foray after sometime matching the domestic outreach. The company’s spokesperson said that “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. With the Canadian app launch, we look forward to Paytm’s success and being an integral part to its growth story globally”.

The company recently rebranded the e-commerce unit as Paytm Mall. The e-commerce venture, housed under Paytm E-Commerce, is expected to raise $180-200 million from Alibaba Group Holding Ltd, and others, that will value the entity at $1 billion.