By the conclusion of current fiscal year, the government-backed Open Network for Digital Commerce (ONDC) hopes to have processed 30–40 million digital transactions monthly, its CEO T Koshy said.
It is anticipated that the e-commerce platform would accomplish 11–12 million transactions in July, having reached 10 million transactions in June, he said.
“We now have about 6 lakh merchants on the platform. On average, we are seeing an increase of about 1 million transactions per month. So, 40 million by the end of this fiscal should be achievable. We are working towards it,” Koshy said.
Along with banks including Karnataka Bank, Aditya Birla Finance, and DMI Finance, ONDC has launched a pilot programme for business-to-business and business-to-customer credit and financing. Koshy added that additional banks and financial institutions will be added soon.
“Anybody who is digital and has got a digital consumer base is finding it relevant to expand their offerings through ONDC,” he said.
The ONDC will collaborate with banks and other financial organisations to develop a system that will allow a merchant to apply for credit or a loan based on his network transactions, rather than requiring physical collateral, according to Koshy.
