A person with knowledge, on the condition of anonymity said, Google teamed up with a fintech specialising, Setu, in providing application programming interfaces (APIs). The tie up is to allow the users to book fixed deposits (FDs) using Google Pay.

Initially, for up to one year, FDs of Equitas Small Finance Bank will be offered with a maximum interest rate of 6.35%. To book FDs, the users will have to complete an Adhar-based KYC (Know Your Customer) by a one-time password (OTP).

The second person with the knowledge of matter confirmed the development and said that Setu has created a beta version for the API. (The beta version was review by Mint)