As per the recent reports, NCPI is all set to buy a 10% stake in ONDC which is the government’s e-commerce project. This project is aimed to give competition to foreign e-commerce companies. GO through the entire article to learn more about this news.
About NPCI
For individuals who do not know much about the NPCI, is the corporation that handles all the digital payments that take in the country. Started by RBI and IBA, this company is a non-profit company. The main aim of this initiative was to make digital payments easier in the country and have the necessary infrastructure to do so.
About ONDC
The objective of ONDC is to rip off the dominance of companies like Walmart and Amazon in the market. The work that ONDC will do will provide the same ease to people as UPI because it will help make E-commerce more accessible for the local people same UPI made digital payments easy and accessible for the local people. Having NPCI as its stakeholder, ONDC will have a solid foundation to start what it has set out to do. A person closely associated with the platform said its B2B business could transform the way the retail market was operated in India. “The stockist is giving the kirana store two services: one is of giving me the product, second is actually giving me the credit, which is my working capital,” he said. “So, you have to evaluate the creditworthiness and recovery. So now, the buyer can give the history of digital transactions and help me get the credit which means this buyer can go to any stockist and buy any number of items. That stockist can also sell it to anyone,” he said. The seller apps could customize the results sourced from the network once it is integrated into the network, he said.“Players can put the language filter for the nearby language, text, audio, etc, and convert that search into ONDC protocol-compliant search in the network and pick up the relevant goods from anywhere in India. It can be customized for specific needs like garment manufacturers, textile and other sectors,” he said.
Response from the organizations
As for now, there has been no response from the official organizations involved in this deal. They did not even reply to emails that were sent to ask for a confirmation of the same. All this information has been disclosed by sources close to the respective firms.