Toronto-based mobile payments company Paytm has announced it has partnered with Payment Source, to allow its users to deposit cash into their Paytm app without incurring transactions costs.
Paytm Canada will leverage Payment Source’s Loadhub in-person payment network, available at over 6,000 Canada Post locations, to directly deposit cash into their Paytm account to pay bills or purchase rewards. This deposit method means users will save on transactions costs, but still gain Paytm rewards.
To date, there are over 5000 billers available within the Paytm app (Including property taxes, utilities, etc), allowing Canadians to pay bills through their smartphones with a credit card, plus earn rewards and cash back offers (on top of points/cash from their credit card provider).
Usually with property taxes and utilities, credit card payments aren’t accepted, but Paytm can bypass that and let you earn points/cash back from your credit card. If you pay off your credit cards every time, you’ll end up earning more points/cash back faster with Paytm.
“We are very excited to partner with Payment Source to add the Canada Post network to our platform, and to open doors to Canadians who otherwise would not be able to add cash to their Paytm account,” said Harinder Takhar, CEO Paytm Labs, in a statement to iPhone in Canada.
Paytm Canada is a subsidiary of Paytm, which is India’s largest mobile payments provider with over 200 million users, and registered with FINTRAK.
Click here to download Paytm for iOS in the App Store—use promo code PTM6121249 when signing up and you’ll get $10 free on your first $50 bill payment.