Fintech Giant Paytm to shut Canada app post devastating debut
- ByTejika Bajaj | January 15, 2022
The Indian fintech giant Paytm recently announced that it would be pulling the plug out of its Canadian operations two months after the giant observed a devastating debut in the stock market. The company’s official statement revealed that the operations will completely shut down by March 14, 2022.
Making the announcement official, the chief executives took out a press release stating, “During these unprecedented times we have had to make some tough business decisions. Unfortunately, as of March 14 the Paytm Canada App will be shutting down permanently. Effective January 14, we will be disabling scheduled payments and top-ups for Paytm Cash which includes EMT transfers, Canada Post and bank transfers. Any bill payments that are submitted or that have been pre-scheduled over the next 30 days will be accepted.”
The startup has urged its Canadian customers to utilize the remaining balance in their wallets to either pay bills or to make a gift card purchase before March 14.
Paytm had expanded into Canada in 2014 with its subsidiary named Paytm Labs Inc which worked as a research and development division. In 2017 it initiated the Paytm Canada App which allowed its customers to pay bills digitally using multiple payment options.
Furthermore, One97 Communication, the parent company of Paytm has observed a further dip in the share price bringing down the price per share to a devastating INR 1000 as against the issue price of INR 2150. With this, the stock price has hit a record low and investors have started backing out.
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