Financial services platform Airpay has announced its integration with the Open Network for Digital Commerce (ONDC), a government-promoted initiative aimed at promoting an open platform for e-commerce retail. This integration will provide Airpay’s merchants, known as vyaapaaris, with access to a wide range of local businesses offering various products and services through the ONDC platform.
Currently, Airpay vyaapaaris provide banking and financial services to over 60 million consumers across 561 districts and more than 7,000 villages in 36 states and union territories. By joining ONDC, Airpay aims to leverage the open nature of the network, which levels the playing field for small and medium enterprises (SMEs). The platform also facilitates increased trade of locally manufactured goods and empowers local sellers, thereby promoting investment and production by micro, small, and medium enterprises (MSMEs).
Kunal Jhunjhunwala, Founder and Managing Director of Airpay, highlighted the democratic nature of the Open Network and its potential to benefit SMEs. He expressed that ONDC’s implementation would lead to valuable consumer and partner insights for the platform.
Thampy Koshy, Managing Director and CEO of ONDC, expressed enthusiasm about Airpay’s assisted e-commerce model, stating that it brings them one step closer to their goal of providing formal financial services to the unbanked population in the country. The integration with Airpay aligns with ONDC’s objective to enable small retailers to expand their business through e-commerce and reduce the dominance of larger players in the sector.
The ONDC initiative aims to foster an open and inclusive e-commerce ecosystem by offering opportunities to small retailers and reducing the influence of industry giants. By joining the platform, Airpay contributes to this vision and expands its reach to a wider network of businesses and consumers.
In conclusion, Airpay’s integration with the Open Network for Digital Commerce (ONDC) allows its vyaapaaris to access a diverse range of local businesses and their offerings. This move aligns with ONDC’s objective of promoting an open platform for e-commerce and reducing the dominance of large players in the sector. Airpay aims to leverage this integration to support small and medium enterprises (SMEs) and increase the trade of locally manufactured goods. Additionally, this collaboration enables ONDC to gather valuable consumer and partner insights. Overall, the partnership between Airpay and ONDC brings formal financial services to the unbanked population while empowering local businesses and promoting inclusive growth in the e-commerce sector.