Amazon Pay Tests Fixed Deposits Amid Softening Demand

Amazon Pay has started offering fixed deposits on its app, joining a few other platforms.

Fixed deposits are a way to save money in a bank account that pays a fixed interest rate.

However, not many people are using these digital fixed deposits.

The main reason is that people mostly use apps like Amazon Pay for quick transactions, not for investing.

Also, the interest rates have gone down, and there are some extra steps to sign up, which makes it harder for people to use this service.

Some other platforms have even stopped offering fixed deposits because not enough people are using them.