Payment Source Partners With Paytm to offer in-person loads

Problem

Paytm is a large well known digital bank and wallet with over 200 Million users in India.

In Canada, Paytm launched a loyalty based bill payment app in 2017 that allows consumers to manage their bills and get rewarded for paying them.

Before working with Payment Source, the user needed to either link their bank account or credit card in order to make a payment. As many of their customers are new immigrants, getting access to a credit card solution is not easy and not everyone is comfortable linking their bank account to a new service. Additionally, for those who get paid in cash, such as individuals in the service sector, there was no means for them to digitize this cash into the application.

Solution

Paytm partnered with Payment Source to allow Paytm users to load funds in-person into their Paytm account by using our Loadhub service, available at over 6,000 Canada Post locations.

The user simply presents a QR code from inside the app to a clerk, who scans the code and accepts cash or debit as a payment method.

Funds are immediately available as the solution uses a good funds model meaning there is no risk associated with chargebacks or NSF.

Results

As it was available to everyone and didn’t require sharing of any financial details, the in-person load option became one of the more popular means of adding funds into the wallet, allowing customers to pay thousands of bills a month an earn their rewards. 60% of customers use their debit card to add funds, versus 40% who use cash.

The average load amount is greater than $400 per transaction. According to Harinder Takhir the CEO “We have seen great adoption of this service.”