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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.
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.
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:
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:
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:
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.
As mentioned, Paytm Points can be redeemed for:
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:
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:
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.
As a client of Paytm Canada, you may qualify for a number of benefits, such as:
Unfortunately, Paytm Canada also has some notable drawbacks, like:
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:
Once your account is established, you can begin adding and making payments toward any of the 5000+ billers that Paytm Canada works with, including:
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.
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