Impact of ONDC on Fintechs – Transforming Digital Commerce & Payments

E-commerce has long been operating on a platform-centric model, which prioritises the objectives of the platform as opposed to the suppliers, who face several challenges like:

• Platforms becoming the keepers of value.
• Limited competitiveness due to exclusion and discretionary behaviour by platforms
• Maintaining separate infrastructure and processes for each platform

Till now, the focus has been on Scaling What Works, which is what platforms have been implementing. With ONDC, this model will switch to What Works At Scale to include every merchant- from a small kirana store on the roadside to established retailers. Buyers and sellers will be able to function autonomously, and the merchant will possess the value they create. An open, inclusive, and competitive marketplace will reimagine digital commerce and transform it into a small-business friendly network.