In an exclusive interaction with Entrepreneur India, T Koshy, MD and CEO, speaks at length about the vision and aim of ONDC.
What is the concept behind ONDC? How is it similar to UPI?
“ONDC is not a platform. The concept behind ONDC is similar to the concept and aim behind the Unified Payments Interface (UPI). Before UPI, digital transactions were made by companies like Visa, MasterCard etc., in a closed loop network arrangement. UPI made the whole financial transaction interoperable. UPI’s introduction facilitated the interoperability between the banks and the users and it propagated the digital medium of transactions to another level. With the introduction of such a concept, both the innovations and utilization of the space soared. While UPI caters to the payment side of business, ONDC will similarly try to cater to goods and services.
How will interoperability on ONDC benefit businesses?
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