IDFC FIRST Bank joins the Open Network for Digital Commerce (ONDC)

Spread the love
IDFC FIRST Bank joins the Open Network for Digital Commerce (ONDC)

IDFC FIRST Bank joins the Open Network for Digital Commerce (ONDC). IDFC FIRST Bank today signed up as 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 which will 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 step up 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 modeland 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 democratise 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, it 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 of experiences combining with other participants and
combining with 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.

Business Gujarat News

Leave a Reply

Your email address will not be published. Required fields are marked *

Next Post

From work at home to work from home, Nari Shakti to lead India in becoming a global leader

Tue Sep 6 , 2022
Spread the loveFrom work at home to work from home, Nari Shakti to lead India in becoming a global leader. In 2019, Hon’ble Prime Minister Narendra […]

You May Like

businessgujaratnews ©Copyright Theme: Default Mag by ThemeInWP

Quick Links