Open Network for Digital Commerce (ONDC), a government-backed e-commerce network, has welcomed fintech powerhouse Razorpay.
To streamline the payment processes on ONDC, the Bengaluru-based payments solution startup announced it will offer payment reconciliation services to network participants such as buyers, sellers, and logistic partners.
By promptly routing settlement information for a specific transaction and supporting network participants (NPs) in settling payments, Razorpay claimed it seeks to make it easier for users to transact on ONDC.
The Tiger Global-backed startup claimed that its technology aids in resolving any potential conflict or contradiction by validating transactions and maintaining audit trails to support documents.
"we’re really excited to support the government in this shared vision of democratising e-commerce through the ONDC platform and helping Indian SMEs and Kirana store owners reap the benefits of digital commerce. I believe the possibilities the ONDC network provides are endless and I’m confident the Payment Reconciliation Service will only further strengthen the development of ONDC’s tech infrastructure and help the ecosystem grow seamlessly from a payments and compliance point of view,” said Shashank Kumar, managing director & cofounder, Razorpay.
A few weeks have passed before PhonePe, another significant finance company, joined the ONDC, however it did so via a different specialised app called Pincode.
“We are thrilled to welcome Razorpay to ONDC. This is a significant step towards our goal of enabling seamless and secure digital commerce for everyone. With this addition, we continue to drive transparency and inclusion in the digital commerce space and we look forward to working with Razorpay towards achieving this vision,” said Thampy Koshy, CEO of ONDC.
The fintech business with Sequoia backing was named Startup of the Year at the 2022 ET Startup Awards.
.jpg)
.jpg)
.jpg)
.jpg)
.jpg)
.jpg)
.jpg)
.jpg)
.jpg)
.jpg)
.jpg)
.jpg)
.jpg)
.jpg)
.jpg)
.jpg)
.jpg)
