ONDC is working on a framework for an in-house settlement system
18 May 2022, Mumbai:
The open network for digital commerce (ONDC ). The government-backed initiative aimed at curbing digital monopolies is working on a framework for an in-house settlement system.
ALSO READ ONDC: Flipkart, Amazons Of The World Look @ Joining
According to its CEO MP Koshy.
koshy expects that it will bring in 'efficiency in processing' payments, especially for new entities. It is said to be ready in a month's time.
RELEVANT NEWS E-commerce platform faces tough competition
A committee with representatives from ONDC, Bombay stock exchange, and National stock exchange as well as from the national payment corporation of India (NPCI) and a few leading banks are evaluating the regulatory framework for the service which can be offered by any service provider on the network.
ONDC which is being pitched as a solution to make the E-Commerce platform agnostic and therefore break the dominance of large etailers.
Join our community on Linkedin
CREDITS: ET Dt 18-05-2022 (The news article has not been edited by DFU Publications staff).
