The government's Open Network for Digital Commerce (ONDC) platform will democratise e-commerce for millions of small retailers in
India, paving the way for the rise of more dedicated distribution and logistics companies, Infosys Chairman and Co-founder
Nandan Nilekani said on Tuesday.
According to him, ONDC will not be limited to a few players but everyone in India - a person owning a small grocery store, a small electronics retailer or a restaurant owner - bringing millions of such people to the e-commerce marketplace and buyers will come from any consumer app.
"Today, India has achieved financial inclusion in about seven-eight years with homegrown technologies like Aadhaar, UPI, QR code and more. The next step is to connect millions of small retailers to mainstream e-commerce with ONDC to create a robust digital public infrastructure,"
Nilekani said during a
PhonePe launch event.
The fintech major announced the launch of a new Shopping app called "
Pincode", built on top of the ONDC platform.
The app will focus on hyperlocal commerce and is now available for download on Google Play Store and
App Store. Pincode is currently live only for customers in Bengaluru and will launch in other cities very soon, said the company.
Nilekani said that the government is going to democratise e-commerce to take it to the masses.
PhonePe said ONDC can foster the rapid growth of a new hyperlocal e-commerce business model. Apart from local buyers and sellers, such a model will also benefit other ecosystem participants like the last mile logistics and inventory management players
"Pincode is built on the ONDC network, which allows us to generate demand for merchants digitized by various seller platforms in an inclusive manner while creating new opportunities for growth and driving innovation at scale," said Sameer Nigam, CEO and Founder PhonePe.
SEE ALSO:
IPL 2023: Rajasthan Royals and Royal Challengers Bangalore emerge as experts' top picks
Two tax regimes & rise of freelancers drive people to tax experts, chartered accountants
Next Story
US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
2 states where home prices are falling because there are too many houses and not enough buyers
A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
ICICI Bank shares climb nearly 5% after Q4 earnings; mcap soars by ₹36,555.4 crore
Markets rebound sharply on buying in bank stocks firm global trends
Bengaluru's rental income highest in Q1-2024, Mumbai next: Anarock report
Rupee falls 10 paise to settle at 83.48 against US dollar
Include 4 hrs of physical activity, 8 hrs sleep in routine for optimal health, suggests study
