NEW DELHI: Many of you are probably using the UPI, United Payments Interface that has transformed digital payments, making it fast, efficient. That in turn has seen the government making payments directly to farmers, to those below the poverty line and others. Now a new revolution is in the making: it’s called Open Network for Digital Commerce (ONDC).
In this chat on The Gist, T Koshy, adviser ONDC, says it will transform the current business ecosystem, bringing big and small retailers, transporters, warehousing firms and consumers into a network where they deal with each other directly.
In a word, it democratises the entire business space, giving an alternative to the digital space occupied by Amazon, Flipkart and so on. Now the small guys in tier 3 and 4 towns can go digital and grow their business. Startups can reach out to potential financiers, and consumers have more options before them.
ONDC is currently working on testing their network across four locations in India. If all goes well, expect 2022 to see a revolution in India’s business space.
Tune in for more in this chat with T Koshy, adviser ONDC.