Paytm Canada Review

Paytm Canada Review

Written by Bryan Daly
Fact-checked by Caitlin Wood
Last Updated November 5, 2021

As we get older, we tend to accumulate more bills. From weekly groceries to mortgage payments, our bills can add up quickly and become tough to keep track of. Luckily, while these expenses can be tough on your savings, there are ways you can use them to earn benefits, like reward points on credit cards and purchases from select merchants.

Looking for an easy way to pay your bills, save money and accumulate rewards at the same time? If so, Paytm Canada might be able to offer you the best of both worlds. 

Who Is Paytm?

Launched in India in 2010, Paytm is a global financial technology service that now caters to more than 420 million clients across the world. Their subsidiary company, Paytm Canada was founded 3 years later in Toronto as a branch of the company’s research and development department called Paytm Labs Inc.    

In 2017, Paytm Canada officially introduced their consumer-facing mobile payments app, which allowed Canadians to pay their bills online using a variety of methods. What sets this app apart from other fintech-related apps is that it gives clients the ability to earn reward points for paying their bills. 

How Does Paytm Work?

Once your account is set up, the Paytm Canada loyalty program allows you to earn Paytm Points, which can be redeemed for discounts at participating businesses or used to pay your bills. Here’s a breakdown of the points earning and redemption process: 

How To Earn Paytm Points

The number of Paytm Points you earn depends on how much of your bill you’re able to pay. Currently, $1.00 CAD equals 1 Paytm Point. There’s a monthly limit to the amount of points you can accumulate, which resets at the start of every month and varies according to the following bill categories: 

  • Credit Card Bills = 2000 Paytm Points
  • Property Taxes = 1000 Paytm Points
  • Tuition Fees = 1000 Paytm Points
  • Utility Bills = 500 Paytm Points
  • Other Types of Payments = 500 Paytm Points

Extra Ways To Earn Paytm Points

Although you can certainly earn Paytm Points dollar by dollar, there are ways you can rake in some bonus points too, including but not limited to:

  • Loyalty Bonus Points – If you use Paytm to pay any bill of $25 or more for 12 consecutive months toward the same account, you’ll earn 10% of the total spent back in points. You’ll even score an extra 1000 points for setting up your profile.        
  • Paying 3 Separate Bills a Month – If you use Paytm to pay 3 unique bills of at least $25 during one calendar month, you’ll receive 500 bonus points in return. 
  • Paying 5 Separate Bills a Month – After successfully completing at least 5 individual bill payments of $25 or more, you’ll earn 1,000 bonus Paytm Points.
  • Referring New Clients – Each time you convince a friend or family member to join Paytm and they make a bill payment of $50 or more, you get 5,000 points.

While you can make multiple payments toward a single source every month, keep in mind that they must be “unique” in order for you to earn bonus Patym points on them. For instance, you can qualify for extra points if you pay two monthly credit card bills using the same account but not if you pay the same credit card twice in one month.

Once you’ve made an appropriate amount of unique bill payments in one month, your bonus points should appear in your Paytm account. Additionally, you’ll accumulate points on top of the ones you’ve already earned. So, if you earn 1000 points for 5 bill payments, then refer to a friend who pays a $50 bill, you’ll make a total of 6000 points.

How To Redeem Paytm Points

As mentioned, Paytm Points can be redeemed for:

  • Discounts on gift cards and purchases at participating retailers/stores
  • Paytm Cash (which can be used toward paying existing bills) 

Once you earn a sufficient amount of points, all you have to do is visit the “Rewards” section of the Paytm app to start redeeming them with popular partner locations like:

  • Amazon
  • Fairmont Hotels
  • Hudson’s Bay Company
  • Best Buy
  • Esso & Mobil
  • Uber & Uber Eats 
  • Apple & iTunes
  • Cineplex
  • Tim Hortons
  • Netflix
  • Lululemon
  • SkipTheDishes
  • Winners
  • Indigo
  • Sephora

What Does It Cost to Use Paytm Canada?

One of the best things about Paytm is that creating an account is free. However, you may have to pay convenience fees, which vary based on your bill payment method:  

  • Bank Account Transfers: Zero Fees
  • Paytm Cash: Zero Fees
  • American Express: 3.00%
  • Visa & Mastercard Debit Cards: 1.25% 
  • Visa & Mastercard Credit Cards:
    • 2.00% (on all categories excluding taxes)
    • 2.50% (on tax bill payment categories)

While Paytm is transparent when it comes to its transactional fees, you may have to deal with other costs when paying bills in different countries.

Advantages Of Using Paytm

As a client of Paytm Canada, you may qualify for a number of benefits, such as:

  • Reward Points – The Paytm incentive program rewards you with 1 point per $1 paid. You also get 1000 points for signing up and 1000 for verifying your account.   
  • Good Selection Of Bill Payment Options – You can use your Paytm account to pay a wide range of bills, including rent, mortgage, insurance, taxes and tuition.
  • Variety Of Payment Methods – Unlike some fintech services, Paytm Canada allows you to pay bills via credit card, bank transfer, debit card, or Paytm Dollars.     
  • Zero Fees For Bank and Paytm Cash Payments – While credit and debit card payments may cost you, paying your bills by bank transfer or Paytm Cash is free. 

Disadvantages Of Using Paytm 

Unfortunately, Paytm Canada also has some notable drawbacks, like: 

  • High Fees – Paying bills by credit or debit card can get expensive quickly. You may also have to pay convenience fees in accordance with what banks and credit card providers charge to work with Paytm, even on “free” bill payments. 
  • The Rewards May Not Be Worth It – Although you get 1 Paytm Point for every $1 you pay, those points are only worth about $0.01 each. So, you would have to pay off $10,000 in bills just to get $10 in discounts.
  • Mediocre Reviews & Poor Customer Support – According to many users, the Paytm app isn’t very well designed or helpful and can be somewhat confusing to use. Plus, it’s only available as a mobile app (not on your desktop or laptop).
  • Some Payment Methods Don’t Work For Certain Bills – Despite the range of bill payments available, you can only use bank transfers and Paytm Cash to pay income taxes, insurance, liabilities, securities, mortgages and other credit cards. 

How To Open A Paytm Account

One of the best things about Paytm Canada is that you can use their mobile app to pay almost any bill. Creating an account is also relatively simple. Just follow these steps:

  1. Download the Paytm Canada free app on your iPhone or Android device 
  2. Fill out your contact/legal information and set up your account
  3. Verify your email address and Canadian phone number (must be postpaid)
  4. Provide the referral code given to you by text or email (starts with PTM)
  5. Finish your profile and hit “Confirm”

Once your account is established, you can begin adding and making payments toward any of the 5000+ billers that Paytm Canada works with, including: 

  • Cell & Internet (Bell, Fido, Rogers, etc.)
  • Mastercards (BMO, Tangerine, PC, etc.) 
  • Schools (University of Toronto, University of Manitoba, etc.)
  • Insurance (TD Home & Auto Insurance, Manitoba Public Insurance, etc.)
  • Utilities (BC Hydro, MB Hydro, Enbridge Gas, etc.)     

Paytm FAQs

Is Paytm safe to use?

Paytm claims that its platform and mobile app are both highly secure because they use bank-grade encryption technology to keep your payment information safe from hackers and identity thieves. Plus, they won’t store your credit/debit card details on their platform, sell your data to other sources or ask for your information over the phone.  

Do Paytm Points expire?

Yes. If you don’t earn any Paytm Points for 6-months or more, the points that you already have in your account will automatically expire. The only exception applies to Quebec residents, who have up to 12 months before their Paytm Points will be forfeit.

How many Paytm Points do I need to earn $1?    

Remember, while you get 1 Paytm Point for every dollar you pay on an eligible bill, those points only have a monetary value of about $0.01, which means you’ll need to earn 10,000 points to get a $10 gift card/discount. You can also use your points to pay your bills directly but this has a marginally lower rate (around 15,000 points for $10). 

Is Paytm The Right Bill Payment Rewards App For You? 

If you’d like to earn bonus points to use on your bills or score discounts at your favourite retailers, then Paytm Canada may be the perfect app for you. That said, there may be other mobile rewards apps out there that better suit your needs. Always compare multiple options when it comes to rewards programs and choose the one that fits your lifestyle. 

Bryan is a graduate of Dawson College and Concordia University. He has been writing for Loans Canada for five years, covering all things related to personal finance, and aims to pursue the craft of professional writing for many years to come. In his spare time, he maintains a passion for editing, writing screenplays, staying fit, and traveling the world in search of the coolest sights our planet has to offer. Bryan uses the BMO Cash Back Mastercard to earn cash back on everything from boring bill payments to exciting excursions. He is also a strong saver, holding both a TFSA and an RRSP account in order to prepare for his future while taking full advantage of tax benefits.

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