Union IT Minister Ashwini Vaishnav on Tuesday expressed confidence that Open network for digital commerce (ONDC) could become the next UPI, one of India’s most successful digital products. According to Vaishnav, ONDC can help entrepreneurs who are dealing in e-commerce, B2B or directly with customers.
“Can we expand ONDC To make it the next UPI? I request all of you to consider this seriously. We believe that ONDC could be the next UPI. In his address after inaugurating the ‘National Startup Conference’ at Mahatma Mandir Convention Center here as part of Digital, Vaishnav said, “Just see how you can leverage this for your business.” India week 2022. In April, the Center launched ONDC in five cities of Delhi NCR, Bengaluru, Bhopal, Shillong and Coimbatore in a pilot phase. It is an initiative of the Government to promote an open platform for all aspects of exchange of goods and services through electronic networks.
Through this platform, consumers can potentially search for any vendor, product or service using any ONDC-compatible application or platform, thereby increasing the freedom of choice for consumers. In his address, Vaishnav also urged startup entrepreneurs to take up UPI (Unified Payments Interface), a system that takes multiple bank accounts in a single mobile application to the world “in a very big way”.
“UPI is a great solution. Three countries have signed agreements with us to use it. But, can we take it on a larger scale?” Vaishnav, who handles railways, communications and electronics as well as information technology Portfolio as Cabinet Minister. On the occasion, he said that when the Center had launched the “Startup India” initiative, political opponents predicted its failure, saying it was just a slogan or a “jumla”.
“Now, look at the change that has happened. There are currently around 70,000 startups and over 100 unicorns in India. The first question that ministers from other countries ask is how were we able to create such a startup ecosystem in such a short time, as it took decades for other countries.
What is ONDC?
The Open Network for Digital Commerce (ONDC) is an open technology network based on the Open Protocol and enables local commerce to be discovered and deployed by any network in segments such as mobility, grocery, food ordering and delivery, hotel booking and travel. Enabled application.
Buyers and sellers do not need to use the same platform or the same mobile app to transact. They can use different applications and still do business transactions.
The benefits of ONDC are: Access to more buyers; Improved traceability of products and costs; Autonomy on terms due to the many options for what appears to be digital; low cost of doing business; And more options for value chain services like logistics and fulfillment.
ONDC will not be owned or controlled by any single entity or platform and the idea behind it is to connect buyers, suppliers, payment and logistics providers through open-source specifications and protocols. It aims to create new opportunities, curb digital monopolies and support and help Micro, Small and Medium Enterprises (MSMEs) and small traders to bring them on the online platform. It is an initiative of the Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry.
(with inputs from PTI)
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