ONDC is set to launch a range of financial products alongside its existing food and grocery services. The Indian government’s new digital platform, the Open Network for Digital Commerce (ONDC), is preparing to offer users a one stop shop for services such as personal loans, insurance, mutual funds, and groceries.
The infrastructure for this platform is currently being developed and is expected to enter the financial services sector in the coming weeks. Recently, successful testing of personal loan transactions was carried out on the platform.
The ONDC has also announced plans to launch financial products based on GST invoices, in response to daily transactions in the retail sector surpassing Rs 1 lakh crore. Numerous financial services companies, including Aditya Birla, Tata Capital, Canara Bank, Kotak Mahindra Bank, Bajaj Finserv, and Bajaj Allianz, are set to join this network.
ONDC is Expanding into Three New Segments.
Around 85 mobile applications, including EasyPay, PayNearby, Rapidor, and Tata Digital, have shown interest in joining ONDC to provide loans. Out of these, seven apps, namely DMI Finance, Aditya Birla Finance, and Karnataka Bank, have already participated in the pilot phase of this service.
The ONDC is planning to launch insurance plans for motor and health within the next 6-8 weeks. The initial applications for the platform are expected to come from InsuranceDekho, PolicyBazaar, and Clinic. Aditya Birla Health, Bajaj Allianz, and Kotak General are anticipated to be the first insurance companies to go live on this platform.
An ONDC official has announced that the platform’s first product will be a sachet mutual fund, which is designed for investments of less than Rs 100. Currently, small investors in the country only have access to fixed deposits and chit funds. In later phases, this platform will offer all types of mutual funds.
How to order on ONDC
- Log in to the payment app and search for ONDC in the search bar or scroll down.
- On your screen, you will find several options, such as food, groceries, and electronics.
- Select a restaurant, store, or menu and add desired items to the cart.
- To proceed, please click on the ‘Go to Cart’ button. Once you’re on the cart page, select or enter your preferred delivery address.
- Please apply any coupon code that is applicable, and then proceed to the payment option.
- Please choose your preferred payment method from the available options and proceed to make the payment.
ONDC Needs a Payment App.
ONDC stands for Open Network for Digital Commerce. It is a non-profit organization that is supported by the Government of India. This e-commerce platform enables buyers and sellers to connect with each other directly.
It’s important to note that ONDC is not an app. To use ONDC for buying or ordering anything, you need to have a payment app such as Paytm.