Mobile wallet fatigue. It’s a thing. And perhaps my only excuse for glossing over the announcement of Paytm in Canada this past spring. Over the long weekend I finally got the chance to download the Android version of the app and have a look. In its current form it’s nothing like what users in India would enjoy, but it does hold some value for Canadians.
The homeland version, viewable at Paytm.com, looks like an Indian equivalent to WeChat—that is, an entire m-commerce ecosystem where you can pay bills, buy goods online, pay for physical goods at a store and send money to friends or family. I can best describe the Canadian version by comparing it to another Canadian Fintech innovation, Plastiq.
Plastiq is a service that enables the payment of utility bills, taxes and almost any professional service by credit card. It does this by issuing and mailing a cheque on the user’s behalf and charging their supported card for the same amount, plus a transaction fee. If you’ve ever wondered how yours truly can afford to travel so much, a big part of it is my almost fanatical obsession with earning points on my credit cards—and thanks to Plastiq I’m now earning those points on my property taxes and even condo fees.
The only problem is that Plastiq’s commission is pretty high, up to 2.5% on each cheque they cut depending on which credit card you charge it to. And this is where Paytm swoops in to save the day: as part of their launch promotion you can currently use it to pay most of the same bills without incurring any extra fees. Plastiq does give you the ability to manually add a payee yourself, but Paytm has an impressive payee list of its own. So far I’ve been using it to pay my mom’s utility bills while my brothers and I figure out what to do with her house.
Some additional factors that might sway you towards one service or the other: Plastiq is currently available in app form for iOS only (Android users can use a mobile or desktop web browser), but Paytm offers no browser login whatsoever—it’s app-only for Android and iOS. And while both Paytm and Plastiq are available in Canada, Plastiq is the only available option for our friends in the USA.