Paytm gateway enables payment from fixed deposit account held with IndusInd

Digital payments and financial services firm Paytm on Monday said Paytm Payments Bank’s customers can now make instant payments through its payment gateway using balances available in their fixed deposit account held with its partner bank,

enables its customers to open with partner

“Paytm all-in-one payment gateway now allows fixed deposit (FD) balances to make payments on partnered platforms.

“This is in association with Paytm Payment Bank Ltd, whose account holders can now use their with to make instant payments across online platforms. The innovation will help customers manage their liquidity in real-time to make payments seamlessly,” Paytm said in a statement.

Customers with a Paytm Payment Bank account can redeem the FD from IndusInd Bank into account in real-time and use the money to make payments, it added.

“This partnership with Paytm Payments Gateway is for a first-of-its-kind solution to use fixed deposit balance as a payments source.

“This will make way for greater convenience for the user and will also help them to liquidate their balances to make real-time payments with ease,” a spokesperson said.

As of March 31, 2021, total outstanding under the arrangement between Paytm Payments Bank and IndusInd bank stood at Rs 1,750 crore.

Paytm Payments Bank’s customers will be levied no charges or penalties for premature liquidation of the FDs opened in association with IndusInd Bank.

“Product innovation is at the heart of our payment solutions and this is a great example.

“We are proud to be the first in the country to allow real-time redemption of fixed deposit balances into customer’s current and savings accounts for making payments, which will promote wider acceptance of digital payments in the country,” Paytm Senior Vice-President Praveen Sharma said in the statement.

As of March 31, 2021, Paytm Payments had 6.4 crore savings accounts.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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