It's open season for e-commerce! The Commerce & Industry Ministry just announced a pilot phase for an open network of digital commerce in 5 Indian cities.
The Open Network for Digital Commerce (ONDC) envisions a platform where a customer discovers sellers using an app/platform, improving choice and convenience.
Is this the 'UPI moment' for e-commerce in India? Let's find out!
The strongest uptick in BNPL was seen in ecommerce during the pandemic period. By offering 0% APR and easy repayment facilities, this POS financing option widened consumer purchasing power, repayment confidence, and spending potential. Today BNPL use cases extend to prepaid cards, crypto, and much more than you can imagine.
'Interoperability' is the key word here.
This initiative has the potential to increase interoperability between e-commerce companies and provide equal opportunities to small and large industry players. Also, it is expected to put digital monopolies in control and make the industry more inclusive for end consumers. It hopes to unlock new benefits for customers, such as unified experiences, ease of use, trust, seller transparency and much more.
Yes, it is just a pilot phase, but experts predict that if followed through, it will boost the growth of digital payments and e-commerce in general.
Let's wait and watch as things progress.
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That's it for now. See you again soon with all the need-to-know fintech updates!
Stay tuned. Stay curious.
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