Paytm to shut down 😐😐😐 - YP Buzz Tech

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        Paytm has decided to close its operations in Canada from March 14, a digital payment company owned by One97 Communications Ltd. informs its customers in the North American country. He has stopped offering some of the services since Friday.

                                    

Paytm

Paytm launched its Canadian subsidiary, called Paytm Labs Inc, in 2014, and began offering its payment system to users in 2018. The fintech company told ET that the decision was made to focus on Paytm Labs' efforts in India opportunities and that it did not expect to lose a job in this regard.


A Paytm official, speaking on condition of anonymity, told ET that the app does not contribute significantly to all of its revenue. "It did not make sense for Paytm to continue the operation of the consumer app in Canada ... The (Paytm's) Canada (business) mandate is currently developing innovations and R&D," the official said.


In a blog post, Paytm Canada said it "should" charge customers a cheaper fee to pay off debts from 2019 and has now decided to completely shut down the consumer app.


"In these unprecedented times we have had to make difficult business decisions. Unfortunately, from March 14, 2022, the Paytm Canada App will be permanently closed," he said. "From January 14, 2022, we will be disabling the scheduled payments and additional Paytm Cash payments which include EMT transfers (email transfers), Canada Post and bank transfers."


The main function of the Paytm Labs team in Canada is the R&D analysis of customer data and the provision of technical support for the company's products and services worldwide, a spokesman said.


"As part of our Canadian mission, we have launched a small national survey on the B2C app. To focus all of our resources on the great potential of India, and in view of the invisibility of the Canadian B2C app, we have determined the sunset. 


The Canadian B2C app only from March 14, 2022, "said a spokesman in response to ETtech's email inquiries. "This has nothing to do with the impact on Cantm's Canadian business or Paytm's India or its revenue. We remain committed to our campaign to drive investment in India."


On Wednesday, Paytm founder Vijay Shekhar Sharma said the company was looking to spend $ 100 million on revenue from payments in the ongoing quarter. He added that the business was doing well and that Paytm's success would depend on the company's financial performance.


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