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Tag: ONDC

  • Razorpay launches payment reconciliation service for buyers, sellers on ONDC

    Razorpay launches payment reconciliation service for buyers, sellers on ONDC

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    New Delhi: Full-stack fintech platform Razorpay on Thursday joined the government’s Open Network for Digital Commerce (ONDC) ecosystem by launching a payment reconciliation service for network participants (NPs) like buyers, sellers, and logistic partners.

    The move, said the company, will streamline the payment processes on ONDC, providing the users with an integrated single view of all their transactions.

    “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 and Co-founder, Razorpay.

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    Through this solution, Razorpay will facilitate ease of transacting on ONDC by timely routing settlement information for a given transaction and assisting Network Participants (NPs) with settling funds.

    With an open network approach, where the buyers and sellers do not need to necessarily be on the same platform to be able to do a business transaction, ONDC will enable SMEs to access a larger buyer universe.

    “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, ONDC.

    Razorpay is building its capabilities toward solving all things payments and business banking for over 10 million businesses, making it the go-to platform that enables exponential growth for Indian businesses of all kinds and sizes.

    Established in 2014 by alumni of IIT Roorkee, Shashank Kumar and Harshil Mathur, Razorpay is the second Indian company to be a part of Silicon Valley’s largest tech accelerator, Y Combinator.

    Investors such as Lone Pine Capital, Alkeon Capital, TCV, GIC, Tiger Global, Sequoia Capital India, Ribbit Capital, Matrix Partners, Salesforce Ventures, Y Combinator and MasterCard have invested a total of $741.5 million in the company.

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    ( With inputs from www.siasat.com )

  • Amazon to join ONDC with logistics, SmartCommerce services

    Amazon to join ONDC with logistics, SmartCommerce services

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    Bengaluru: Amazon on Friday announced that it will integrate its logistics network (from pickup to delivery) and SmartCommerce services with the government’s Open Network for Digital Commerce (ONDC) platform.

    This will be Amazon’s initial collaboration with ONDC as the company continue to explore other potential opportunities for stronger integration between the two in future.

    “We are excited about the opportunities to mobilise Amazon’s industry-leading infrastructure and technology, including logistics, and small business digitisation tools, to help the ONDC accelerate its objectives. We remain committed to being a catalyst for India’s digitisation efforts throughout the economy,” Manish Tiwary, Country Manager, India Consumer Business, Amazon India, said in a statement.

    Moreover, the company said that the integration will provide greater technology support to the seller community and further empower small businesses, also it will benefit crores of consumers with wider choices.

    The integration would be a significant step towards the ONDC’s goal of democratising e-commerce nationwide.

    “We are happy that Amazon has a definite roadmap to being a part of the ONDC network and is taking its first step in coming in as the logistics partner in the ONDC network which is a globally pioneering idea established with a view to democratise digital commerce in India, and we also hope that the buyer and seller platforms are onboarded as early as possible,” T Koshy, MD & CEO of ONDC, said in a statement.

    Amazon has consistently leveraged technology and innovation on behalf of Indian customers and sellers, and has digitised over 4 million small businesses and kirana stores in India, giving them access to cutting-edge technology for online selling, the company mentioned.

    The e-commerce giant has over 11 lakh sellers with more than 50 per cent coming from tier 2 cities and below in the country.

    The company also plans to digitise 1 crore small businesses by 2025.

    ONDC, a Ministry of Commerce initiative, will enable sellers to tap this massive market by offering an equitable and secure platform that integrates multiple sellers, buyers and logistics players.

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    ( With inputs from www.siasat.com )