India’s e-commerce industry is on a trajectory to surpass $350 billion by 2030.
This initiative is aimed at empowering businesses by providing them with direct access to the Open Network for Digital Commerce (ONDC), allowing them to showcase their products to a wide network of potential buyers.
In-Solutions Global (ISG), in partnership with JP Morgan Payments, has launched the “ONDC Made Easy” solution at the Global Fintech Fest 2024, to democratise India’s rapidly expanding digital commerce landscape projected to surpass $350 billion by 2030.
This initiative is aimed at empowering businesses by providing them with direct access to the Open Network for Digital Commerce (ONDC), allowing them to showcase their products to a wide network of potential buyers.
The ONDC network, an open initiative backed by the Government of India, is rapidly becoming the backbone of India’s digital economy, currently hosting more than 35,000 sellers and offering over 3.8 million SKUs across 236 cities. The network processed over 12 million business transactions in July 2024 alone.
Guhaprasath Rajagopal, Managing Director & Head of India Payments, JP Morgan, said, “India’s e-commerce industry is on a trajectory to surpass $350 billion by 2030. Supporting our clients’ digital journey in this high-growth environment is a priority for us.”
T Koshy, Managing Director & CEO, ONDC, said, “Every participant who joins ONDC brings unique value, expanding choices for buyers and sellers alike. JP Morgan’s partnership with ISG to facilitate the participation of their corporate clients in ONDC is a testament to the diverse and dynamic nature of the ONDC ecosystem. We are excited to see the positive impact this will have on the digital commerce landscape.”
Adelia Castelino, Co-founder & Managing Director at ISG, said, “Our collaboration with JP Morgan in the Asia Pacific region has already demonstrated our capability to deliver secure and efficient payment solutions.”
ISG and JP Morgan have previously collaborated to expand digital payments in the Asia Pacific region.
