Paytm Canada is revolutionizing how you pay your monthly bills. Have you ever dreamed about turning your bills into rewards? Well, it is here!
The landscape for loyalty rewards programs has been changing radically over the last few years. In exchange for cutting coupons, shoppers have quickly adopted the introduction of cash back rewards via mobile apps (like Checkout 51 and Caddle). With these cash back apps, all you need to do to earn rewards is to simply scan and upload your purchase receipts.
However, earning rewards on your bill payments has remained a no-go area until now. Bills have to be paid and Paytm Canada has defied conventional thinking by making it possible for you to earn rewards for paying your bills via their mobile platform. Even better, the service is FREE!
2022 Update: Paytm is shutting down in Canada and will no longer be operational by March 14, 2022.
February 2020 Update
Paytm has scaled back the ability to earn and redeem rewards using the app. Gift card redemptions now require that you make a part payment and you no longer have the option to redeem rewards using only your accumulated points. Also, you can no longer convert your points to Paytm cash and use it to pay your bills. This used to be a great way to monetize your Paytm points if you did not want to redeem for e-gift cards.
I will update this post if things change or go back to how they were. However, based on the current status as confirmed by me today, the benefits offered by this app no longer appear to be worth the hassle.
About Paytm Canada
Paytm Canada is a payment and financial services company based in Toronto. The company initially launched in Canada in 2014 and in 2017, its dynamic mobile payments app was introduced.
Paytm Canada is a subsidiary of the globally recognized parent fintech company, Paytm. Paytm was founded in India in 2010 and its platform is used by more than 230 million people worldwide. In 2015, Paytm secured $1.4 billion in funding from SoftBank and some of its other financial backers include Warren Buffet’s Berkshire Hathaway, Ant Financial, SAIF Partners, and many other investing greats.
The aim of Paytm in Canada is to make bill payments rewarding for Canadians. Bills need to be paid and earning rewards while doing so is a great bonus. As per Paytm Canada’s CEO, Harinder Takhar, “Every Canadian has a bill to pay and our new features and incentive program seamlessly rewards our customers for a tedious yet necessity (sic) part of our everyday lives.”
How Paytm Canada Works
First, let’s think about your monthly bills. If you are like the average Canadian, you need to pay for your mobile phone, utilities (hydro and water), credit card balance, insurance (home and car), internet, cable, rent, tuition, property taxes, and more. It’s a lot of things to pay for, and a lot of money leaving your wallet month after month.
This is where Paytm Canada comes to play. You will still pay these bills, however, when you do so using their app, you will be rewarded with points that can later be redeemed for a variety of gift cards and cash. In addition to earning rewards for paying your bills, the Paytm app also makes planning your financial life easier:
- All your monthly bills show up in one place – well over 5,000 companies are represented on the app
- You can pay your bills through all the major banks and credit unions in Canada (over 50 of them)
- If you are finding it cumbersome to stay on top of your numerous monthly bills, Paytm Canada is for you. The app sends you email and in-app reminders so you no longer have to pay late fees
In addition to paying bills, Paytm also allows you to send money to friends and family who have an account.
How To Open a Paytm Canada Account
I found the onboarding process for the app to be a breeze. Simply download the FREE mobile app using your smartphone or tablet by visiting Paytm.ca or get it on the iOS or Google Play stores. Following installation, you can choose to pay your bills using cash, credit/debit cards, or directly from your bank account.
Add a new biller, for example, Rogers Communications, Fido, Bell MTS, Enbridge Gas, BC Hydro, MB Hydro, Alectra Utilities, PC Mastercard, BMO Mastercard, Tangerine Mastercard, University of Manitoba, University of Toronto, Manitoba Public Insurance, TD Home and Auto Insurance, The Personal Insurance, City of Winnipeg and City of Toronto property taxes, Shaw Cable, Allstream, TenantPay, Questrade, and more!
When your bills are due, pay them using the app, and you are on your way to earning rewards.
How To Earn Points With Paytm Canada
There are many ways to earn points using the Paytm app:
1. Pay Bills: Earn 1 Paytm point for every $1 you pay. For example, say you pay your monthly property taxes at $300, you will earn 300 Paytm Points.
2. Refer Friends: Paytm rewards you with 5,000 points ($5) anytime someone signs up to the app using your referral promo code (e.g. PTM2477287) and pays their first bill of at least $50. Your friend will also collect 5,000 points. You can find your unique referral code under the profile section of the app.
3. Purchase Gift Cards: When you redeem your points for a gift card (or buy one), you earn 1 point for every $1 spend. This is an awesome way to ‘double’ up your rewards.
4. Bonus Points: Bonus points are plentiful with users earning additional points when they:
- Download the app and sign-up: 10,000 points ($10).
- Pay bills: Earn an additional 500 points when you pay 3 different bills in a month that are $25 or more, or 1,000 points when you pay 5 different bills of $25 or more.
- Pay a new bill: Get 250 in bonus points when you pay a new bill.
- Verify your account: Earn an additional 1,000 points when you verify your account.
- Are Loyal: Earn 10% in bonus points when you pay the same bill for 12 months.
- Are Social: Share Paytm with your friends on social media using the hashtag #paytmcanada and earn 250 bonus points per share, up to 1,000 points.
How To Redeem Your Paytm Points
There are numerous gift card options for redeeming your accumulated Paytm points. Some popular brands and retailers whose gift cards are redeemable via the app include:
Tim Hortons, Amazon, Uber, Starbucks, ESSO, Winners, Sport Chek, Hudson’s Bay, Boston Pizza, Hotels.com, Jack Astor’s, Instacart, Best Buy, Fairmont Hotels, Gap, Lululemon, Cineplex, Air Canada, Netflix, SkipTheDishes, Just Eat, Indigo, and more.
You can also redeem your points for Paytm Cash which can be used to pay your bills. When redeeming your points as cash, the following conversion rates apply: 15,000 Points = $10, 22,500 Points = $15, and 30,000 Points = $20.
To redeem Points for FREE rewards, you need to have accumulated a minimum of 5,000 points.
Paytm Canada – Set It and Forget It
Paytm has an exciting new “Set it and Forget it” feature which allows you to schedule all your bill payments in advance by pre-selecting the date, amount, and frequency that you want to pay them. This means that whether you are at home or travelling, you never have to worry about missing a bill payment again!
Is the Paytm App Secure?
The Paytm Canada mobile app uses security (encryption) similar to what your bank uses. That being said, it is advisable to ensure you protect your account with a strong password and to passcode-protect your phone as well.
Are There Fees For Using Paytm?
There are some convenience fees for using the app to pay your bills with a credit or debit card. Payments made using your bank account and/or Paytm cash are FREE!
- Bank account: no fees
- Paytm Cash: no fees
- Mastercard: 1.75% convenience fee (starting Nov 1, 2019)
- Visa Debit: 1.25% convenience fee (starting Nov 1, 2019)
- American Express credit card: 3% convenience fee
Are there any limits on Paytm Points?
There are some limits to how many Paytm Points you can earn every month. Depending on the different categories of transactions, the limits are:
- Utility Bills = 500 points per month
- Credit Card Payments = 2000 points per month
- Tax Payment = 1000 points per month
- Tuition = 500 points per month
- Other Bill Payments = 500 points per month
Note that these limits reset every month, so you can earn points all year long!
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Earning rewards for paying your everyday bills is a revolutionary idea. As of this writing, Paytm is the only app offering such an opportunity in Canada. In addition to saving, the app also makes your life easier by ensuring you remember to pay your bills when they are due.
Paytm Canada Ratings
Ease of Use
Rewards and Bonuses
Paytm Canada rewards you when you pay your bills. Bills need to be paid, and earning rewards while doing so is a great bonus.