Publication - The Hindu Business Line
Edition - Online
Open Network Digital Commerce (ONDC) aims to cross the 100,000 transactions milestone by the end of the year in terms of groceries and retail. It is also in the conversation for enablement of exports through the network. Speaking at the sidelines of a CII event, T Koshy, MD & CEO ONDC, said, “In January, we had just about 50 transactions a day which grew to about 1000 transactions a day in April. Now, they have scaled up to 20,000-30,000 transactions per day. So day by day we are seeing he momentum building. By the end of the year, we expect to build a critical mass. I am hopeful we may see 100,000 transactions per day.” He added that categories such as mobility have also witnessed strong transaction growth. Responding to a query on international transactions, Koshy said, “We believe in a phased fashion the network will be exposed to the world. International buyers will look at accessing the network to buy goods from India as it will offer a wide set of options with the help of logistics network participants. We hope to demonstrate enablement of such transactions this year itself and expect to see some export transactions happeing this year.” ONDC has already received a lot of international attention. “Once we achieve some success, just like UPI, many other countries will look at a similar idea in their market. We have received global attention and we believe such models and ideas will see adoption in others markets too,” Koshy added. ONDC has been seeing growth in network partners, too, with addition of new seller and buyer apps. Earlier this month, the network kickstarted B2B transactions. “We have just started B2B transactions two weeks ago and a couple of B2B transactions have happened. Two more platforms are expected to go live in the next couple of weeks. So we expect to see significant amount of transactions happening in this space,” Koshy added. ONDC has also set up a working group looking at finalising protocols for financial products such as credit and insurance.
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