Paytm Payment Gateway enables payment from fixed deposit accounts held with our partner IndusInd Bank – The New Indian Express
New Delhi, Jul 19 (PTI) Digital payments and financial services company Paytm said on Monday that customers of Paytm Payments Bank can now make instant payments through its payment gateway using available balances in their fixed deposit accounts held with its partner bank, IndusInd Bank.
Paytm Payments Bank allows its customers to open fixed deposits with partner IndusInd Bank.
“The all-in-one Paytm payment gateway now allows Fixed Deposit (FD) balances to make payments on partner platforms. This is in association with Paytm Payment Bank Ltd, whose account holders can now use their fixed deposits with IndusInd Bank to make instant payments on online platforms. The innovation will help customers manage their cash in real time to make payments seamlessly,” Paytm said in a statement.
Customers with a Paytm Payments Bank account can redeem IndusInd Bank’s FD to a Paytm Payments Bank account in real time and use the money to make payments, he added.
“This partnership with Paytm Payments Gateway is a first-of-its-kind solution to using fixed deposit balance as a payment source. real ones – fast payments made easy,” a Paytm Payments Bank spokesperson said.
As of March 31, 2021, the total outstanding fixed deposits under the agreement between Paytm Payments Bank and IndusInd Bank stood at Rs 1750 crore.
Paytm Payments Bank customers will not incur any fees or penalties for premature liquidation of 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 enable real-time redemption of term deposit balances on current accounts and customers’ savings to make 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 Banks had 6.4 crore savings accounts.