ONDC’s Daily Transactions Likely To Touch 100,000 By January 2024

New Delhi, Sept 13 (KNN) Open Network of Digital Commerce (ONDC)‘s Chief Executive Officer T Koshy informed that the platform is expected to reach 100,000 transactions per day for retail and food delivery by January next year.

During the Global Fintech Fest, Koshy revealed that ONDC is currently facilitating 40,000 retail transactions at its peak. At present, ONDC operates in the retail and mobility sectors.

ONDC aims to challenge the dominance of e-commerce giants like Amazon and Flipkart by promoting open networks for local commerce. By integrating into ONDC, businesses of all types can access buyers, sellers, and delivery partners necessary for e-commerce.

ONDC has a network of approximately 68,000 merchants, including well-known FMCG companies like PepsiCo and Mondelez. Additionally, another major FMCG brand is expected to join the network soon.

The platform will soon begin its mobility services in many of the country’s major cities. In the coming months, it also plans to offer financial products from banks and NBFCs on its platform.

According to a report from buisnessline, banks are also seeking approval from RBI to become buyer apps on ONDC. This would allow consumers to purchase groceries or food through banking apps.

Recently, Nammi Yatri, ONDC's taxi platform in Bengaluru, implemented a daily fee of Rs 25 for auto drivers using its network. Although ONDC currently does not charge merchants to use its network, it plans to introduce a minimal fee once transaction volumes increase.

"We will likely introduce a nominal fee for businesses on our network once there are sufficient volumes,” Koshy stated.  (KNN Bureau)