In a strategic move to broaden its portfolio and enhance customer offerings, the Open Network for Digital Commerce (ONDC) is all set to enter the fintech sector. ONDC, an initiative led by the Indian government, involved the launching of a platform aiming to give a fair chance by providing a level playing field which will include all sorts of participants in the digital ecommerce space. By expanding into fintech services, the ONDC aims to empower consumers and businesses alike with seamless financial solutions.
The announcement was made by ONDC’s CEO, Thampy Koshy. ONDC’s mission is to broaden the ecommerce space in India by inviting all kinds of sellers and sizes; large scale, and small scale.
Commenting on this, Koshy said, “The open protocol has established a working committee consisting of fintech industry experts. Their objective is to define a standard/protocol for the onboarding and integration of sellers and industry players. Additionally, the committee will decide which fintech players will be onboard.
He further added, “Before foraying into each one of these segments, we constituted specialised committees to outline the protocols for seamless integration of network participants.
Presently, Paytm and PhonePe are the two major buyer side applications that are carrying through thousands of orders for ONDC sellers. The platform offers services in categories including grocery, fashion, electronics etc.
This step comes as ONDC aims to revolutionize the digital commerce sector in India. The company will also be making sure to the customers that discounts will remain an integral part of their platform.
This expansion is expected to show a tremendous potential which will further fuel growth in the digital commerce sector. This step exhibits the platform’s commitment towards innovation and to create a robust digital commerce network in India.
