Paytm's all-in-one payment gateway now allows FD balances to be used to make payments on associated sites "Paytm made the announcement in a statement. "This is in collaboration with Paytm Payment Bank Ltd, whose customers may now use their IndusInd Bank fixed deposits to make fast payments across online platforms. "The innovation will assist clients in managing their liquidity in real-time in order to make payments effortlessly," the company stated. It went on to say that users who have a Paytm Payment Bank account may redeem their FD from IndusInd Bank into their Paytm Payment Bank account in real-time and utilise the money to make payments. "This partnership with Paytm Payments Gateway is for a first-of-its-kind solution to use fixed deposit balance as a payments source," a Paytm Payments Bank spokesperson said. "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."
The total outstanding fixed deposits under the agreement between Paytm Payments Bank and IndusInd Bank as of 31 March this year stood at 1,750 crore. Customers of Paytm Payments Bank would incur no costs or penalties for early liquidation of FDs created in collaboration with IndusInd Bank. "Product innovation is fundamental to our payment solutions, and this is an excellent example." Paytm Senior Vice-President Praveen Sharma said in a statement, "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 Payments Banks has 6.4 crore savings accounts as of March 31, this year.
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