Fintech unicorn Razorpay has mentioned that will probably be becoming a member of the Open Community for Digital Commerce ecosystem (ONDC).
The Bengaluru based mostly firm will launch a fee reconciliation service for community individuals (NPs) like consumers, sellers, and logistic companions, thereby streamlining the fee processes on ONDC, and offering them with an built-in single view of all their transactions.
Via this resolution, Razorpay will facilitate ease of transacting on ONDC by well timed routing settlement data for a given transaction and aiding Community Members (NPs) with settling funds. This can be a foolproof resolution that validates transactions and maintains audit trails to help documentation that can inform any dispute or discrepancy that will come up.
With ONDC open community strategy, the place the consumers and sellers don’t have to essentially be on the identical platform to have the ability to do a enterprise transaction, ONDC will allow SMEs to entry a bigger purchaser universe.
“We at Razorpay have at all times envisioned a world wealthy of companies of all sizes – assist them leverage digital fee applied sciences to promote extra and develop quicker. And so we’re actually excited to help the federal government on this shared imaginative and prescient of democratising e-commerce by the ONDC platform and serving to Indian SMEs and Kirana retailer homeowners reap the advantages of digital commerce. I consider the probabilities the ONDC community offers are infinite and I’m assured the Cost Reconciliation Service will solely additional strengthen the event of ONDC’s tech infrastructure and assist the ecosystem develop seamlessly from a funds and compliance viewpoint,” mentioned Shashank Kumar, Managing Director & Co-founder, Razorpay.
“We’re thrilled to welcome Razorpay to ONDC. This can be a vital step in direction of our aim of enabling seamless and safe digital commerce for everybody. With this addition, we proceed to drive transparency and inclusion within the digital commerce house and we stay up for working with Razorpay in direction of reaching this imaginative and prescient,” mentioned Thampy Koshy, CEO, ONDC.
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