ONDC Officially Launches B2B Trade; Explores Financial Products For Merchants
ONDC is also looking at expanding and providing credit instruments and other financial products for the B2B side.
The government-backed Open Network for Digital Commerce, or ONDC, officially announced on Monday the enablement of business-to-business trade on the network.
About 160 transactions have already taken place on the network between merchants, ONDC Chief Executive Officer T. Koshy said. The B2B side is currently in alpha mode.
A transaction was also demonstrated between SignCatch and Rapidor, which have enabled the B2B buyer and B2B seller side platforms on ONDC, respectively.
ONDC is also looking at expanding and providing credit instruments and other financial products for the B2B side, Koshy said. "We have put in a working group that consists of ONDC, members of the banking industry, the NPCI, and guidance from the RBI. The aim is to get them out in the next couple of months."
ONDC for B2B will be different from B2B enablers such as JustDial Ltd. and Indiamart Intermesh Ltd., he said. "They're closed platforms, similar to digital yellow pages. ONDC will help enable the entire process, including logistics, fulfilment, etc. Our biggest feature is interoperability."
The network will now be able to bring the cost of logistics down, ONDC Chief Operating Officer Vibhor Jain said. "It will be able to help streamline warehousing capabilities as well."