IDFC FIRST Bank today signed up as a participant in the Open Network for Digital Commerce (ONDC), an initiative of the Ministry of Commerce and Industry, to enable early adoption of the network among its customers. As an early mover in the ONDC network, the Bank has enabled a platform for buyers to help them discover sellers in the ONDC Network as it develops over time.
The Bank has also started onboarding small merchants, who are its current account customers, onto a partner app registered with ONDC. The app is expected to help small merchants carry out transactions over ONDC’s electronic network and increase their digital footprint.
B. Madhivanan, Chief Operating Officer, IDFC FIRST Bank, said, “As a technology-first bank and an early adopter of digital initiatives, we are pleased to be part of a techno-social innovation that will trigger a dramatic shift in the way buyers and sellers interact online. By leveraging ONDC, we can enable merchants to mobilize the network effect and unlock value at scale. ONDC is a fully digitally- driven model and aligns with the Bank’s digital and social-good ethos.”
Shireesh Joshi, Chief Business Officer, ONDC, said, “IDFC FIRST Bank joining the network is poised to expand the network on both sides – buyers and sellers. This is a great development and we look forward to IDFC FIRST Bank offering more options on the network on both sides. Each participant brings their unique insights and knowledge to the design they implement, and this diversity of approach will add richness to user experience on ONDC.”
ONDC, a section 8 company, has been set up to democratize e-commerce and will transition e-commerce from a platform-centric model to an open network model, similar to the Unified Payments Interface (UPI) for payments. A revolutionary network is expected to bring inclusivity and interoperability into supply chains, buyer universes, logistics and technology services. It will put equal access of the marketplace in the hands of small business owners who can access buyers at scale and provide best-in-class quality experiences combined with other participants and their strengths.
IDFC FIRST Bank has leveraged technology extensively to empower small businesses and entrepreneurs. The Bank has developed deep specialization in retail lending and capabilities to leverage the country’s digital ecosystems. Its retail business is diversified over 25 lines of businesses and across millions of customers. Customers and partners are supported through retail apps and assisted-digital services.
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