Image courtesy: Kashmir walla
Google has just collaborated with fintech startup Setu to allow customers to create fixed deposits (FDs) using the digital wallet platform Google Pay. According to Mashable, Google Pay would first provide Equitas Small Finance Bank FDs for up to a year to its consumers.
Ujjivan Small Finance Bank and AU Small Finance Bank are also anticipated to be included to the list in the near future. According to reports, the highest interest rate is presently set at 6.35 percent, and customers would be needed to join up after completing an Aadhaar-based KYC (know your customer) process, which would be enabled by a one-time password (OTP).
Setu is a fintech firm that focuses on application programming interfaces (APIs). Clients can use APIs for bill payments, savings, credit, and payments. According to Mashable, the business has already built a trial version of the site that provides several tenors for FDs.
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Time periods range from 7 to 29 days, 30-45 days, 46 to 90 days, 91 to 180 days, 181-364 days, and 365 days, with interest rates ranging from 3.5 percent for the shortest FD to 6.35 percent for the yearly FD. Google India has not officially acknowledged the development, and an official rollout date for the new Google Pay function is still unknown.