Paytm Canada, a payments and financial services company offering a mobile payment and commerce platform, has pioneered by introducing an innovative rewards platform in the country. Users can earn points and cash back through any method of payment when using the Paytm mobile bill pay app. This cost-free mobile account allows them to manage their bill payments at more than 5,000 billers conveniently through their smartphones and earn rewards and cashback offers the transactions. Operating since one year in Canada, the company considered it had to offer something big to distinguish itself from the numerous competitors in the country.
How the Paytm Canada rewards plan differs from other programs
Up to now, most Canadians have been paying their bills in one of the following three ways:
- Receive a paper copy showing the amount they owe, write a cheque for the amount, put it in an envelope, and mail the payment back;
- Receive a paper or digital copy showing the amount they owe, log in to their online account, and pay the bill; or
- Have several different automatic withdrawal payments set up through their bank if their utility, insurance provider or municipal government allows it.
None of these payment options are ideal in terms of saving time, helping customers budget or giving them rewards simply for paying the bills that they need to pay anyway. Paytm Canada noted this lacking as a lever to demarcate itself by facilitating day-to-day financial transactions.
True, there are multiple mobile payment options in Canada but Paytm Canada has successfully tried to demarcate itself by proposing a very attractive “first of its kind” rewards program. This program is surprisingly extensive, allowing users to earn both points and cashback options irrespective of the payment method they are using. The platform has also been designed to facilitate mobile bill payment, connecting them to approximately 5,000 individual billers.
Offering a seamless user-friendly rewards platform
Customers can use their mobile devices in any of the 6,000 Canada Post locations to pay their bills without the least transaction fee. The Paytm mobile app rewards and cash back platform consists of an appealing array of rewards, as well as a consumer-friendly points formula without any kind of annual or transaction fees. To make it seamless and user-friendly, it has been designed in such a way that consumers can access it no matter how they pay their bills: they can pay through cash, debit card, bank account or credit card and benefit from the same rewards program and facilities.
Paytm offers several advantages over banks. Clients can view all of their bill, as well as past payments, on a single platform. Paytm Canada also offers an excellent merchant-funded reward system that allows users to benefit from a 5-15% discount when using gift cards on platforms such as Amazon.ca, Best Buy, or Tim Hortons just to name a few. Money can also be transferred without fees.
The CEO of Paytm Canada, Harinder Takhar, underlined that digital channels to access various financial services are increasingly appealing to consumers if the experience is superior to others. In this light, Paytm Canada is meticulously striving to improve and modernize the experience of managing day-to-day finances of Canadians. At the same time, much focus is being laid on building secure digital products and services aiming at promoting a rewarding experience.
Canadians are motivated by rewards and convenience for payment choices
Canadians are steadily moving away from cash payments, preferring more convenient payment methods. Payments Canada’s 2017 Methods and Trends Report underlines how credit cards have gained the upper hand and how mobile and online banking, as well as social media payments, are gaining traction.
The key denominators highlighted in the behavior patterns of consumers are convenience and rewards. If credit cards are seen as a friction-free mode of payment, especially when coupled with a lucrative rewards program, online and mobile banking are equally becoming trustworthy modes of payments, outrunning cash payments. Fresh partnerships in fintech are also paving the way for social media payments.
The report provided crucial insights into the trends and demands in the payment sector. In 2016, more than 21.3 billion consumer and business payments were made, reflecting a value of over $9 trillion. As a result, even the least changes in customer behaviors matter and can trigger massive impacts. The insights, undeniably, are urging financial players and institutions to devise new ways and means to modernize the country’s payment architecture.
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