Indian mobile payments firm Paytm has expanded its operations in Canada by opening a research and development (R&D) centre in Montréal.
The company established the R&D centre through its Canadian subsidiary Paytm Labs, which was set up in 2014.
Paytm Labs is responsible for all R&D activities of the company and uses big data, artificial intelligence and machine leaning for creating new products.
The company expects its new research centre to leverage Montréal’s expertise in these areas.
Over the next ten years, Paytm Labs intends to invest more than $50mn to boost its operations in the country.
Moreover, the company will generate around 60 jobs in the Greater Montréal region over the coming three years. This will mostly be in software engineering.
Paytm Labs CEO Harinder Takhar said: “We have expanded our Canadian operations significantly over the last five years. And it felt like a natural strategic opportunity for Paytm Labs to extend its operations to Montreal.
“We are very excited that our talented employees can leverage our big data and machine learning expertise to develop scalable products that meet the expectations of half a billion prospective Paytm customers.”
Paytm Canada introduced its first mobile app in 2017 to allow bill payments via smart phones. Consumers will be able to use the app to send and receive funds across Canada.