Razorpay Partners with ONDC to Provide Payment Reconciliation Services to Network Participants

• ByStartupStory     |    April 27, 2023

Razorpay, a comprehensive payment and banking platform for businesses, has recently announced its collaboration with the ONDC (Open Network for Digital Commerce) ecosystem. As the initial payment gateway to introduce a payment reconciliation service for network participants, such as buyers, sellers, and logistics partners, Razorpay aims to simplify payment processes on ONDC while offering an all-in-one view of transactions. 

Razorpay will facilitate seamless transactions on ONDC by promptly transmitting settlement details for each transaction and aiding network participants in settling funds. This dependable solution verifies transactions and creates an audit trail to provide evidence for resolving any disagreements or inconsistencies that may emerge, according to Razorpay.

ONDC adopts an open network strategy, allowing SMEs to reach a wider range of buyers, even if they are not on the same platform. Razorpay, in agreement with the government’s objective, will support this initiative, as per Shashank Kumar, Managing Director & Co-founder, Razorpay. “We’re thrilled to assist the government in its joint mission to democratize e-commerce via the ONDC platform and enable Indian SMEs and Kirana store owners to benefit from digital commerce,” Kumar stated.

Shashank Kumar is confident that ONDC’s network offers boundless opportunities, and the payment reconciliation service provided by Razorpay will further enhance ONDC’s technological infrastructure and promote seamless growth from a payments and compliance perspective. Similarly, Thampy Koshy, CEO of ONDC, expressed his pleasure at Razorpay’s inclusion in the ONDC ecosystem, stating that it represents a significant step towards realizing their objective of creating a smooth and secure digital commerce environment. Koshy also emphasized that their partnership with Razorpay will promote transparency and inclusivity in the digital commerce sector.

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