Paytm says Canada B2C app not material to its overall biz

Paytm clarified on Wednesday that the Paytm Canada consumer app is not material to its overall business, and contributed only 0.1 per cent to the company’s revenues. This comes after the company, last week, stated in a filing that it is wrapping up its Canada consumer app from March 14. It had disabled scheduled payments and top-ups for Paytm cash including EMT transfers, Canada Post and transfers from January 14. 

The company had in its filing last week stated that it will focus all its resources on the massive India opportunity. Paytm said that considering the immateriality of the Canada B2C app, the company has decided to shut the app. 

Paytm, on Wednesday, clarified that the app contributed less than 0.1 per cent of the revenue of the company. “At the outset, we hereby clarify and submit that the Paytm Canada consumer app is not material to the overall business of the Company, contributing less than 0.1% of the revenue of the Company (for the last fiscal year ended March 31, 2021). Further, we would like to clarify that this has no impact on Canada-based Paytm Labs (including its R&D and technical support business) or the Company's overall business and revenue,” it said. 

The company said that all bill payments that are submitted or have been pre-scheduled over the next 30 days will be accepted. Any available balance in the wallet should be used to pay bills or to purchase gift cards by March 14, Paytm said. 

Paytm Points can be redeemed towards gift cards on the app by March 14, the company stated, further adding that it will not be able to offer compensation for them.

Also read: Paytm to shut down its Canada app in next two months