ONDC monthly transactions hit 10 million in June: report
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Synopsis
The government-backed Open Network for Digital Commerce’s (ONDC) has added one million monthly transactions over the past two months. The report said that ONDC has reduced financial incentives tied to order volume for network participants by as much as 75% starting in the second quarter of fiscal year 2025.
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.