ETtechThe government-backed Open Network for Digital Commerce (ONDC) recorded 10 million transactions in June, with 6.1 million non-mobility transactions and 3.9 million mobility transactions, said an Equirus Securities India Equity Research report on banking, financial services and insurance.
The open network has seen an increase of one million transactions per month in the past two months, exhibiting strong growth, it said.
The report further said that ONDC has slashed order volume-linked financial incentives for network participants by up to 75% from the second quarter of this financial year.
The network also conducted pilots for consumer loans and is looking to offer larger business-to-business loans up to Rs 1-1.5 crore, according to the report. Beyond credit, expansion into insurance and investments is on the anvil, with passive funds (index funds and liquid funds) likely to be launched soon, it said.
The open network has seen an increase of one million transactions per month in the past two months, exhibiting strong growth, it said.
The bulk of the incremental growth has been retail-driven, with non-mobility orders crossing 6 million transactions in June against 3.6 million in March, the report said. Mobility transactions, however, declined to 3.9 million from 4.1 million during this period, it said.
The report further said that ONDC has slashed order volume-linked financial incentives for network participants by up to 75% from the second quarter of this financial year.
The network also conducted pilots for consumer loans and is looking to offer larger business-to-business loans up to Rs 1-1.5 crore, according to the report. Beyond credit, expansion into insurance and investments is on the anvil, with passive funds (index funds and liquid funds) likely to be launched soon, it said.
Get Unlimited Access to The Economic Times
