Canadian payments firm Paytm Canada said Wednesday that it launched what is being billed as a “first of its kind” rewards platform.
The payments and financial services firm said that the platform lets consumers earn points and cash back rewards that are tied to any payment method.
In a statement, the company said the Paytm mobile bill payment lets Canadian users have “an instant and cost-free” mobile account. That account allows for management of payments across 5,000 billers. The mobile conduits include smartphones and the mobile account is free of charge.
Canadians can opt to pay their bills using bank accounts, debit cards, several credit cards or cash. Payments can be made at any of 6,000 Canada Post locations, without the need to pay any transaction fees. The firm says its points formula is “consumer friendly.”
In the statement, Harinder Takhar, CEO of Paytm Canada, said that “consumers will increasingly choose digital channels to access all kinds of financial services if they are offered a superior experience. Paytm Canada is improving and modernizing the experience of managing day-to-day finances for Canadians, and we will continue to build secure digital products and services that promote a rewarding experience.”
Paytm made inroads into Canada last year. That move, as reported in this space in March, came “just days” after raising $200 million in a round led by Alibaba.
Back then, Paytm E-Commerce said that it raised $200 million from venture capital fund SAIF Partners as well as Alibaba.
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