IDFC FIRST Bank partners with ONDC on buy and sell side application
- ByStartupStory | September 6, 2022
An announcement has been made by IDFC FIRST Bank that it is looking forward to joining the buyer-side and seller-side interface of Open Network for Digital Commerce (ONDC) that is backed by the Ministry of Commerce and Industry. Furthermore, IDFC FIRST will be able to proclaim ecommerce sellers on the Open Network for Digital Commerce Network to their retail customers.
With this, the bank has also started onboarding small merchants to expand their digital footprint who are a part of their current account customers on the ONDC’s seller-side application.
In a statement issued by the company B Madhivanan, Chief Operating Officer at IDFC FIRST Bank Said, “As a technology-first bank and an early adopter of digital initiatives, we are pleased to be part of a techno-social innovation that will trigger a dramatic shift in the way buyers and sellers interact online,”
He added, “By leveraging ONDC, we can enable merchants to mobilise the network effect and unlock value at scale. ONDC is a fully digitally-driven model and aligns with the Bank’s digital and social-good ethos.”
Aiming to democratise e-commerce by switching from the platform-centric model used by private companies to an open network model that will be interoperable between buyers and sellers from various platforms as well as service providers, ONDC is currently in trial mode across 60 locations.
Shireesh Joshi, Chief Business Officer at ONDC said, “IDFC FIRST Bank joining the network is poised to expand the network on both sides – buyers and sellers. This is a great development and we look forward to IDFC FIRST Bank offering more options on the network on both sides,”
Currently, ONDC’s partner network comprises companies like Paytm Mall, PhonePe, and others on the buyer side; Zoho, Snapdeal, and others on the seller side; as well as logistics companies like LoadShare, Dunzo, and Grab. On December 31, 2021, ONDC began operation.
Lastly, it is worth noting that the first banking app to register with ONDC on both its buy-side and sell-side apps is IDFC FIRST. Ongoing investors in ONDC include Kotak Mahindra, HDFC, State Bank of India, Punjab National Bank, and Axis Bank.
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