Fintech Razorpay joins Ondc to offer payment solution services to buyers, sellers
Through this solution, Razorpay aims to provide a seamless and efficient way for Network Participants (NPs) to settle funds and process transactions on the Open Network for Digital Commerce (ONDC).
Full-stack Payments and Banking Platform Razorpay announced on Thursday that it is joining the ONDC (Open Network for Digital Commerce) ecosystem, becoming the first payment gateway to launch payment solution services for buyers, sellers and logistics partners.
“The fintech major will be the first payment gateway to launch a payment reconciliation service for network participants (NPs) such as buyers, sellers and logistics partners, thereby streamlining the payment processes at ONDC, providing them with an integrated single view of all their transactions,” Razorpay said in a statement. .
Through this solution, Razorpay aims to provide a seamless and efficient way for Network Participants (NPs) to settle funds and process transactions on the Open Network for Digital Commerce (ONDC). By routing settlement information for transactions and providing support for documentation and dispute resolution, Razorpay’s solution helps ensure that transactions are validated and secure.
Shashank Kumar, CEO and Co-Founder, Razorpay said, “We at Razorpay have always envisioned a world rich with businesses of all sizes – helping them leverage digital payment technologies to sell more and grow faster. And that’s why we’re very excited to to support the government in this shared vision to democratize e-commerce through the ONDC platform and help Indian SMEs and Kirana shop owners reap the benefits of digital commerce.”
“I believe the opportunities offered by the ONDC network are endless and I am confident that the Payment Reconciliation Service will only further enhance the development of ONDC’s technology infrastructure and help the ecosystem grow seamlessly from a payment and compliance point of view,” Kumar added.
One of the key advantages of ONDC is its open network approach, which allows buyers and sellers to transact with each other regardless of the platform they are on. This means that small and medium-sized enterprises (SMEs) will gain access to a larger buyer universe, which can help expand their reach and grow their business.
Thampy Koshy, CEO, ONDC said, “We are delighted to welcome Razorpay to ONDC. This is an important step towards our goal of enabling seamless and secure digital commerce for all. With this addition, we continue to drive transparency and inclusion in the digital commerce space and we look forward to working with Razorpay to achieve this vision.”
Razorpay is the second fintech to join ONDC this month. Last month, digital payments giant PhonePe went live at ONDC, making its big e-commerce foray with the hyper-local commerce app – Pincode. PhonePe announced to launch the app in Bangalore in 150 pin codes. Bangalore will be the first city to go live with grocery and food; other cities and categories will be added soon, it said.
