Tie-ups like Equitas-Google Pay can significantly disrupt payments sector

With Covid-19 putting the brakes on bank lending, fintech players have begun to give banks serious competition

Imaging: Ajay Mohanty

The Indian financial sector went into a tizzy last week when Equitas Small Finance Bank announced that its fixed deposit offerings can be availed of by users of Google Pay. Many wondered if the tech giants — Google, Facebook, WhatsApp, WalMart and Amazon — with their strong entry into the Indian payments sector, are ready to are ready to make their next move and offer other financial products.

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