A closer look at international coverage in Canadian banks
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Is Paytm working in Canada ? : A complete overview
The Indian fintech giant, Paytm, closed its operations in Canada on March 14, 2022, after a five-year stint, citing some tough business decisions in unprecedented times, according to Outlook India1 in 2022. The shutdown came following a significant drop in Paytm’s IPO stocks.
This article will briefly highlight what happened to Paytm in Canada. We will also look at Wise as an alternative for overseas transactions across the globe.
What happened to Paytm in Canada?
Paytm launched its operations in Canada with its Paytm Labs Inc., as a research and development division, in 2014.
In a report by The Indian Express2 in 2022, we further find that:
- In 2019, they started charging users a convenience fee for bill payments, resulting in backlash.
- The product failed to resonate with Canadians.
- The share prices dropped to less than half its original value.
This resulted in the provider eventually shutting down operations in Canada.
However, as disclosed by an anonymous spokesperson from Paytm to The Economic Times3, the shutdown would not impact the Canada-based Paytm Labs or Paytm’s India business or revenue. The company guaranteed their commitment to stay focused on their mission of driving financial inclusion in India.
Is There Another Way To Send Money To India?
Yes, you can use Wise to send money to friends, family, and even businesses, from Canada. Here’s a look at the benefits of using Wise for global money transfers — all from the comfort of your phone!
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Send money at the mid-market rate to 160+ countries - no more currency conversion fees!
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Most banks and payment services providers charge a certain markup on the currency conversion rate, but not Wise! You get the mid market exchange rate whenever you use this platform.
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To view the current mid-market rate as well as changes in the last 30 days, you can use our exchange rate tracker. Wise also allows users to register and receive rate notifications, whereby we notify you when the exchange rate hits a specific threshold or provide you with daily updates on the rate.
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No hidden fees - it’s all about transparency!
Wise does not charge any subscription or monthly prices. You will be able to see the fee for transactions upfront and only pay for what you use. Opening a Wise account is easy* and free!
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Hold and convert your money to 40+ currencies, including INR, CAD, USD, EUR, and GBP, send it to 70+ countries, and receive it in 9 currencies.
This makes it super easy for Canadian residents to send and receive money in a number of global currencies, including INR. Fees for transactions are minimal, and Wise even allows you to register without a bank account!
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The Wise card helps you spend like a local when you travel to India or any other country!
This card allows users to spend abroad with the real market exchange rate. You can take out up to CA$ 350 for 2 cash withdrawals or less. The virtual card can be linked to your Google Pay or Apple Pay wallet to shop online and abroad without any additional costs to worry about.
Check out the Wise app on the Google Play Store or the App Store to perform international payments quickly and easily!
Save on costs when you send money with Wise
Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.
*Eligibility is subject to verification of customer’s identity.
Sources:
1 - Paytm's Canada App To Shut Down On March 14 (outlookindia.com)
2 - Here's why Paytm is shutting down its Canada operations (indianexpress.com)
3 - Paytm is shutting down its consumer app in Canada - The Economic Times (indiatimes.com)
Sources verified on 8 December 2023
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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