by The Open Network for Digital Commerce (ONDC) is gearing up to walk the fintech route. The government-backed initiative has floated specifications for onboarding financial services on its platform.
The move is seen as a way to make it easier for businesses to offer financial services to their customers through ONDC. The platform will allow businesses to integrate with a variety of financial service providers, such as banks, insurance companies, and lending institutions.
This will give businesses a wider range of financial products and services to offer their customers. It will also make it easier for customers to compare and choose the best financial products for their needs.
ONDC is still in its early stages of development, but it has the potential to revolutionize the way that businesses and consumers interact with financial services. The platform has the potential to make financial services more accessible and affordable for everyone.
The specifications for onboarding financial services on ONDC are still under development, but they are expected to be finalized soon. Once the specifications are finalized, businesses will be able to start integrating with financial service providers on ONDC.
The integration process is expected to be relatively simple. Businesses will need to register with ONDC and then integrate with the financial service providers that they want to offer on their platform.
ONDC is a significant development for the Indian fintech ecosystem. The platform has the potential to make financial services more accessible and affordable for everyone. It will also help to promote competition in the fintech sector, which will lead to better products and services for consumers.
