Paytm Canada: Earn Points For Paying Your Bills.

May 26, 2020
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Paytm Canada is a downloadable mobile app that lets Canadian access and pay their monthly bills through their app and earn points while doing so. You can pay your cable, credit cards, education bills, insurance (home and car), internet, investments, loans, mobile bills, rent, taxes and utilities. You can pay using credit/debit cards, cash, or pay directly from your bank account. For every dollar you pay, you earn 1 Paytm point. You can later redeem these points for gift cards in thousands of different brands like Starbucks, Apple and Netflix. Keep in mind every 10,000 points represent a $10 gift card.

This app is great for young people who one, are good with technology and already manage their bills online, and two, frequently use or shop in some of the brands available on the app. If you fit this description, you could definitely benefit from using Paytm starting today!

Keeping track of your bills and making sure you pay them on time is something every Canadian has to do, so why not make things easier and download an app that lets you do exactly that?

Paytm Canada offers a solution to a common problem: Paying your bills on time. Through this app, you can pay all types of bills and get rewarded for doing so. Here’s how it works.

What Is Paytm Canada?

Launched in 2017, Paytm Canada is a downloadable mobile app that helps Canadians access and pay their monthly bills. Thanks to its practical interface, it makes the bill paying experience smooth and fast, while at the same time earning you rewards in the process.

This app is actually created by a registered MSB company (meaning a Money Services Business), regulated by FINTRAC (Financial Transactions and Reports Analysis Center of Canada). They do have other apps that work in Japan, and the mother company is located in India, but this one service is specific for Canadians.

To put it short, this is a mobile app that lets you control (and pay) your monthly bills. Water, electricity, cable, streaming services, rent… All of these, you can pay directly through Paytm Canada, right on your phone.

How Paytm Canada Works

Paytm Canada is an app that keeps all of your monthly bills organized in one place so you can pay them all through their platform. Using Paytm is a simple 5-step process::

  1. Download the Paytm App and Install it. 
  2. Create a user profile. 
  3. Select which bills you want to pay. With Paytm Canada you can pay your cable, credit cards, education bills, insurance (home and car), internet, investments, loans, mobile bills, rent, taxes and even utilities.
  4. Select how you want to pay them. 

They have over 5,000 different companies whose bills you can pay over the app, and are constantly adding more to the list.

You’ll earn points for every bill you pay using Paytm, and then you’ll be able to redeem those points for gift cards in hundreds of different establishments all over Canada.

How To Pay Your Bills Using Paytm Canada

Once you’ve installed the app, you can then decide how to pay your bills. As we mentioned before, Paytm lets you choose which payment method you want, and you can pick between using credit/debit cards, cash, or pay directly from your bank account.

RELATED: Picking a credit card? You might want to check out our post on the Best Mastercards in Canada.

What Bills Can I Pay With Paytm Canada?

Once you have decided which method you’ll be using, you just have to start adding the bills you want to pay to your account. You can pick anything from

  • Utilities (electricity and water)
  • Insurance, including car, home or health insurance.
  • Internet
  • Rent
  • Property taxes, and much more

There are over 5,000 companies available on Paytm. Here is a short list of some of the companies’ bills you can pay with Paytm: 

FidoRogers CommunicationsBell MTSEnbridge Gas 
BC HydroMB HydroAlectra UtilitiesPC Mastercard
BMO MastercardTangerine MastercardUniversity of ManitobaUniversity of Toronto
Manitoba Public InsuranceTD Home and Auto InsuranceThe personal InsuranceCity of Winnipeg and City of Toronto property taxes
Shaw CableAllstreamTenantPayQuestrade
Koodo MobileTelus MobilityVeridian ConnectionsEnbridge
Enercare Connections SubmeterWaterloo North HydroNB PowerOakville Hydro
SaskPowerSaskEnergyEnmax Energy ResidentialVideotron S.E.N.

PROTIP: Paytm Canada currently doesn’t have a list of all the billers available on their website since they are constantly modifying and adding new ones to the list. However, you can always contact them via email to request they add a biller–if they don’t already have them available–in case there’s something you need to pay they don’t have!

Here’s when things get interesting. The app not only allows you to choose what you want to pay, but it also helps you keep these payments in order so you don’t ever miss one. You can do this by setting up everything so the Paytm sends you a reminder when your bills are about to be due.

Paytm even has a feature called “Set it and Forget it” where you can schedule your bill payments in advance. This feature lets you select when you want to pay it, the amount you want to pay, and how often. The app will then make the payments automatically for you.

Payment Methods

Like we previously mentioned, you can decide whether you want to pay your bills using credit/debit cards, cash, or pay directly from your bank account. However, there are certain things you can only pay with specific methods.

Here’s a list of payment methods per bill category:

All payment methods accepted–   Property Tax
–   Utilities
–   Education
–   Rent
–   Internet
–   Cable 
All payment methods except Visa credit card–   Mobile
Bank account or Paytm Cash only–   Credit cards
–   Income tax
–   Insurance
–   Liabilities
–   Securities
–   Mortgage 

RELATED: If you’re looking to get more out of your credit card, check out the American Express Gold Rewards Card.

Are There Any Fees For Using Paytm Canada?

This is an important point to consider. The app does charge fees depending on the payment method you choose. Here’s a short table comparing both things so you can have an idea:

Payment MethodFees
Bank Account0
Cash0
Mastercard1.75% Convenience Fee
American Express Credit Card3% Convenience Fee
Visa Debit1.25%

While the fees aren’t huge when you consider the convenience the service offers, it does undermine the whole point of using an app to pay for bills if you have to go to a somewhere and pay in cash to avoid them. As most transactions are going cashless around the world, credit cards are the method of choice when it comes to making payments, so being charged a fee to be able to use them is a little annoying. You may think that transferring directly from a bank account would be the perfect solutions, but you must be aware of the fact that most banks will also charge a fee for those transactions, so you’ll end up paying fees anyway, only to a different company.

On the other hand, Paytm is a for-profit company and it has to make its revenue somehow. They offer a great service and fees are how you pay for it.

Earning Points With Paytm Canada

One interesting feature of Paytm is that it works like a loyalty program, in the sense that you can earn points for using the service. Let’s say you already have your account and you’re ready to go, how do you earn points? Well, it’s pretty simple, you start earning points the moment you start paying your monthly bills.

Whenever you pay through the app, you automatically start earning points. For every dollar you pay, you earn one Paytm point. So, if you were to pay $50 on a bill, you earn 50 Paytm points instantly.

Paytm Canada screenshot

Bonus Points

Now, paying bills is the most common way to earn points, but it’s not the only one or even the best one. You can also earn bonus points in the app by:

●     Downloading the app: You get up to 10,000 points ($10) just for downloading the app and signing up!

●     Verifying your account: Paytm rewards you with 1,000 points when you verify your account.

●     Referring your friends: Anytime someone signs up using your personal referral code and pays their first bill (must be over $50), you get 5,000 points.

●     Redeeming your points for gift cards: Yes, the app rewards you with points, even when you redeem your points. When you redeem them for a gift card, you earn 1 point for every one dollar you redeem on the gift card.

●     Paying a new bill: Every time you add a new bill (and pay it), you get rewarded with 250 Paytm points.

●     Paying–more–bills: You can earn 500 additional points whenever you pay 3 different bills in the same month that are $25 or more, and can earn 1,000 points if you pay 5 different bills that are $25 or more.

●     Being loyal: If you pay the same bill for a whole year you can earn 10% in bonus points.

●     Sharing Paytm: If you use the hashtag #paytmcanada to share Paytm with your friends, you can earn 250 bonus points the first 4 times you do so (up to 1,000 points)

Point Limits

Keep in mind, there’s a limit to how many points you can have. Of course, this can vary depending on the type of transaction, but there’s only so much you can earn every month. The limits are as follows:

●     Credit Card Payment: Up to 1,000 points per month

●     Utility Bills: Up to 500 points per month

●     Tax Payment = 1,000 points per month

●     Tuition = 500 points per month

●     Other Bill Payments: Up to 500 points per month.

This limit is rather disappointing since it means that the absolute maximum number of points you can earn every month is only 3,500 points or 42,000 points per year. This only adds up to $42, which is not a lot. The only real way to earn points for this program to make any sense is to take advantage of all the bonus points.

How To Redeem Your Points

Now,  how exactly do you redeem Paytm points? And what can you redeem them for? Well, before, you could redeem your points to use them to pay bills, but as of 2020, you can’t do that anymore.

Today, the best way to redeem your points is to exchange them for gift cards from different retail companies. Paytm Canada has a lot of partners like Amazon, Netflix, Apple, Starbucks, Cineplex, and more. Here’s a table of some of the most popular partners for which you can get gift cards with your Paytm points:

AmazonNetflixAppleStarbucks
CineplexTim HortonsUberESSO
WinnersSport ChekHudson’s BayBoston Pizza
Hotels.comJack Astor’sInstacartBest Buy
Fairmont HotelsGapLululemonAir Canada
SkipTheDishesJust EatIndigoFoodora
Sephora   

All of these stores have gift cards you can get with your accumulated points. Then you can use them to actually purchase something in their store.

If you’re wondering how much these gift cards are worth, that depends. First, you should know how much a Paytm point is worth. Although this also depends on the gift card you get, the approximate is that 10,000 points represent a $10 gift card. This puts the value of Paytm points at around $0.001, which isn’t great as far as rewards systems go, but hey! Considering you need to pay those bills regardless, it’s not a bad deal at all.

What Is The Best Way To Use Paytm Canada?

Earning points with Paytm by simply paying your bills isn’t enough to make the most of this program. You’ll only get 1 point per every dollar you spend, and will need around 10,000 points to redeem a $10 gift card, like we just mentioned. This works out to a return of only 0.1 cents per dollar spent, or 0.1%. That doesn’t even come close to covering the lowest fee you would e paying if you use a debit/credit card to pay.

So, if you really want to make the most out of this app, you need to use the bonus point methods we mentioned before, especially with the pay–more–bills bonus, and the referral bonus. 

Let’s take a look at a pair of examples that will show you exactly what we mean.

Case Study 1: Maxing Out All Of Your Bills In Paytm Canada

Let’s suppose we wanted to know what’s the most we could get out of this payment system as a new customer. So, we’ll assume that we are able to get our hands on all of the bonus points, at least during the first year. In order to do that, and to maximize our return, we should download the app, register and verify our account. Then, we’ll choose a minimum of 5 bills to pay with Paytm, one for each capping category. So, we’ll choose:

  • 1 credit card bill
  • 1 utility bill (i.e. water or energy bill)
  • Our taxes bill
  • Our tuition bill
  • Any other bill that could go up to $500 a month

If we maxed out all those bills, we would be spending $1,000 on our credit card, $500 in utilities, $1,000 in taxes, $500 in tuition, and $500 in anything else. Since we’re new members of Paytm, we would receive the New Bill bonus 5 times, the maximum pay-more-bills bonus, and if we pay all those bills for the entire year, we’ll also max out our being-loyal bonus. Here’s a breakdown of the total amount of “regular” Paytm points we would get back at the end of the first year:

BillMonthly paymentAnnual PaymentRegular Points Earned
Credit card bill$1,000$12,00012,000
Utility bill$500$6,0006,000
Taxes bill$1,000$12,00012,000
Tuition bill$500$6,0006,000
Other bill$500$6,0006,0000
TOTAL$3,500$42,00042,000

Now, let’s take a look at the number of bonus points we would get:

BonusPoints per monthPoints per year
Downloading the app 10,000
Verifying your account 1,000
Paying a new bill5 x 250 = 1,250 points15,000
Paying more bills1,00012,000
Being loyal 10% of 42,000 = 4,200
Sharing Paytm 1,000
TOTAL 43,200

So, in total, we would be paying $43,000 worth of bills with Paytm, and, because of that, we would receive a total of

42,000 + 43,200 = 85,200 points = $85.20 worth of points

That works out to a return of only 0.20%. That’s peanuts. Oh, and that’s not to mentions that some of the amounts on those bills are unrealistic.

If instead of using Paytm, you chose to pay all your bills yourself using a cashback credit card, you would receive at least 1% back, which is 5 times as much!

Case Study 2: Paying The Minimum To Get The Bonus Points

Ok, now this is the absolute best way to use Paytm, and it’s where this app really starts to shine. We’ll make the same assumptions as before, with the exception that, this time, we won’t max out our categories. On the contrary, we’ll limit ourselves to the absolute minimum required to get all the bonuses, which would be paying 5 bills of $25 each for a whole year. Here is what the points look like:

BillMonthly paymentAnnual PaymentRegular Points Earned
Credit card bill$25$300300
Utility bill$25$300300
Taxes bill$25$300300
Tuition bill$25$300300
Other bill$25$300300
TOTAL$125$1,5001,500
BonusPoints per monthPoints per year
Downloading the app 10,000
Verigying your account 1,000
Paying a new bill5 x 250 = 1,250 points15,000
Paying more bills1,00012,000
Being loyal 10% of 1,500 = 150
Sharing Paytm 1,000
TOTAL 39,150

Notice that, this time, we’re only using Paytm to pay for $1,500 worth of bills, and we receive a total of 

1,500 + 39,150 = 40,650 points = $40.65 worth of points

Now, the return works out to 2.71%. This is a great return, especially considering that it’s on bills, which is a spending category most credit cards won’t give you rewards for. This is the absolute best value you can get out of Paytm by using it solely to pay for your bills. You can even use your Visa debit card, pay the fee, and still come out winning in the end.

But if you really want to make things interesting, convince as many people as possible to join Paytm and you’ll see your points skyrocket 5,000 at a time.

RELATED: If you want to earn points by doing groceries too, then check out our post on Nielsen Homescan.

Paytm Canada In A Nutshell

If you’re young, manage your bills online and want to earn points for doing something you were already doing anyways, then Paytm Canada is a pretty good option for you.

This downloadable app lets you manage your bills through their platform, select which ones you want to pay, and even set them to be paid automatically every month so you don’t have to worry about them anymore.

It’s true you won’t make many points in one month to redeem them immediately for gift cards, but eventually, they will accumulate and you’ll be able to exchange them for valuable gift cards across hundreds of different brands like Netflix, Lululemon, and Uber. This is especially true if you make sure to max out your bonuses and recommend the app to others.

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