Paytm to shut down its app in Canada, asks users to spend all money in wallet

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Paytm has announced that it is shutting down its app in the Canadian market after two months. The fintech company has announced that the Paytm Canada app will be shutting down on March 14.

Paytm has announced that from January 14, 2022, the app will disable scheduled payments and top-ups for Paytm Cash including EMT transfer, Canada Post and bank transfer.

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, from March 14, 2022, the Paytm Canada app will be shut down permanently. Effective January 14, 2022, we will disable scheduled payments and top-ups for Paytm Cash, including EMT transfers, Canada Post and bank transfers.

Any bill payment which is submitted and/or which is pre-determined within the next 30 days will be accepted. Any bill payment which is submitted and/or which is pre-determined within the next 30 days will be accepted. This Announcement was done on 13 January.

Impact of Paytm Canada app on Indian users?

A Paytm spokesperson told BGR.in, “As a part of our Canada operations, we started a small experiment with a B2C app in the country. To focus all our resources on India’s massive opportunity, And considering the immateriality of Canada B2C App, we have decided to discontinue Canada B2C App only with effect from March 14, 2022.

He further explained that the move has no affiliation or impact on Canada-based Paytm Labs or Paytm’s India business or revenue.

In a public statement, he recommended Paytm Wallet users in Canada to clear their balances. This can be done for bill payments and/or gift card purchases till March 14, 2022. They also asked their users to redeem their Paytm Points for any available gift cards on the app by March 14, 2022. The app announced that they would not be able to pay any compensation.

After Paytm shut down its app in Canada, asking users to spend all money in the wallet first appeared on BGR India.

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