Google Pay to allow users to open fixed deposits on its platform

American tech giant Google has recently partnered with fintech startup Setu to let users open fixed deposits (FDs) through the digital wallet platform Google Pay.

According to Mashable, Google Pay will initially offer its users FDs of Equitas Small Finance Bank for up to one year.

Ujjivan Small Finance Bank and AU Small Finance Bank are also expected to join the list soon.

Reportedly, the maximum interest rate is currently set at 6.35 per cent and users would be required to sign up following an Aadhaar-based KYC (know your customer) process, enabled through a one-time password (OTP).