Google Pay to Offer Time Deposits to Indian Users Via Lender
- Google ties up with Equitas Small Finance Bank for deposits
- Tech giant extends its presence in lucrative financial sector
Photographer: Dhiraj Singh/Bloomberg
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Alphabet Inc.’s Google has tied up with an Indian small lender to offer time deposits to users of its payments wallet, extending its presence in the nation’s lucrative digital banking space.
Users of Google Pay will now be able to open a time deposit with Equitas Small Finance Bank Ltd. in just two minutes, a first in the industry, the lender said in a statement on Wednesday. Rates will be as high as 6.35% for a one-year deposit, the bank said.