“We’ve had to make some difficult business decisions during these exceptional times. Unfortunately, the Paytm Canada App will be permanently shut down on March 14th “In a blog post, Paytm stated.
Paytm stated on Friday that its Canada consumer app will be shut down on March 14, 2022, and all scheduled payments and top-ups for Paytm cash, including EMT transfers, Canada Post, and bank transfers, will be disabled starting today.
“We’ve had to make some difficult business decisions during these exceptional times. Unfortunately, the Paytm Canada App will be permanently shut down on March 14, 2022. Scheduled Payments and Top-Ups for Paytm Cash, which include EMT transfers, Canada Post and Bank Transfers, will be disabled as of January 14, 2022 “One97 Communications Ltd, which owns the digital payments company, announced in a blog post.
“Any bill payments submitted or scheduled for the next 30 days will be accepted,” it stated.
Customers who have an available balance in their Paytm wallet should use it to pay bills or buy gift cards by March 14, 2022, according to the company. “We also recommend redeeming your Paytm Points for any available gift cards on the App by March 14, 2022, as we will not be able to offer any compensation for them,” it added.
Paytm further stated that the move has no bearing on Paytm Labs, which is situated in Canada, or Paytm’s India operations or income. Meanwhile, Paytm’s stock recovered losses on Friday after falling below Rs 1,000 for the first time since its IPO on Indian stock exchanges.
The stock, which had been falling for the ninth straight session, opened at a new low of Rs 995 a share, but quickly recovered its losses to close nearly 2% higher. On the BSE today, the stock closed 8.17 percent higher at Rs 1,116.05 a share.
During the October-December quarter, the financial services provider recorded a 401 percent year-on-year (YoY) increase in loan disbursals on its platform, totaling 44 lakhs. It disbursed Rs 2,180 crore in loans, an increase of 365 percent year on year.
The gross merchandise volume (GMV) increased by 123 percent to Rs 2,50,100 crore in the third quarter. According to the company, year-to-date GMV is already bigger than the entire fiscal year of FY21, owing to considerable non-UPI GMV growth.