The Open Network for Digital Commerce. If you haven’t heard about ONDC yet, stick around because it’s about to make waves!
The Open Network for Digital Commerce, or ONDC, has been transforming the way we shop for groceries, dine at restaurants, and book our travels. But guess what? They’re not stopping there! In the next two months, ONDC is set to launch its services in the insurance and mutual fund sectors.
Yes, you heard that right. Whether it’s health insurance, general insurance, or motor vehicle insurance, ONDC is gearing up to support all these segments. They’ve also partnered with big names like MasterCard and major credit card companies to bring these services to your fingertips.
ONDC CEO, T Koshy, shared some exciting updates: “We have deployed a Marine App with one insurer, and two more are coming. For health insurance, we are live, and our partner is about to get the license. Motor vehicle insurance should happen next month.”
But why is this expansion so significant? Founded in 2022, ONDC was created by the Indian government with a mission to democratise digital commerce. Their goal? To prevent market concentration and give small businesses a fair chance to compete in the digital marketplace.
Supported by industry giants like Amazon, Meta, PhonePe, and Paytm, ONDC is on a mission to cover 25% of India’s domestic digital commerce within two years. Today, the ONDC platform hosts sellers of products as diverse as Food and grocery to beauty and personal care.
ONDC is not just about selling products; they integrate inventory, logistics, and dispute resolution to create a seamless experience for all stakeholders.
The network’s foray into insurance and mutual funds is a game-changer, promising more choices and opportunities for consumers and small businesses alike. What do you think about ONDC expanding into these new sectors? Let us know in the comments below!
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