Paytm has announced that it is shutting its app in the Canadian market after two months. The fintech company has announced that the Paytm Canada App will be shutting down on 14 March.
Paytm has announced that effective January 14, 2022, the app will be disabling Scheduled Payments and Top-Ups for Paytm Cash which includes, EMT transfers, Canada Post and Bank Transfers.
In a statement issued to its users in Canada, Paytm said, “During these unprecedented times we have had to make some tough business decisions. Unfortunately, as of March 14, 2022 the Paytm Canada App will be shutting down permanently. Effective January 14, 2022, we will be disabling Scheduled Payments and Top-Ups for Paytm Cash which includes, EMT transfers, Canada Post and Bank Transfers.”
Any bill payments that are submitted and/or that have been pre-scheduled over the next 30 days will be accepted. Any bill payments that are submitted and/or that have been pre-scheduled over the next 30 days will be accepted. This announcement was made on 13 January.
Paytm Canada App impact on Indian users?
Paytm’s spokesperson told BGR.in, “As a part of our Canada operations, we launched a small experiment in the country with a B2C app. In order to focus all our resources on the massive India opportunity, and given the immateriality of the Canada B2C app, we have decided to sunset the Canada B2C app only wef March 14, 2022.”
They further explained that this move has no relation or impact on the Canada-based Paytm Labs or Paytm’s India business or revenue.
In a public statement, they recommended Paytm wallet users in Canada exhaust their balance. This can be done towards either a bill payment and/or gift card purchase by March 14, 2022. They also asked their users to redeem their Paytm Points towards any available gift cards on the App by March 14, 2022. The app announced that they will be unable to offer any compensation.
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