Razorpay joins ONDC to launch payment reconciliation service
The fintech player has launched a payment reconciliation service for network participants to streamline the payment processes on ONDC.
, a full-stack payments and banking platform for businesses, has joined the ONDC (Open Network for Digital Commerce) ecosystem.
The fintech player claims to be the first payment gateway to launch a payment reconciliation service for network participants like buyers, sellers, and logistic partners, thereby streamlining the payment processes on ONDC and providing them with an integrated view.
“This is a significant step towards our goal of enabling seamless and secure digital commerce for everyone," said Thampy Koshy, CEO, ONDC. "With this addition, we continue to drive transparency and inclusion in the digital commerce space and we look forward to working with Razorpay towards achieving this vision.”
Razorpay will facilitate ease of transacting on ONDC by timely routing settlement information for a given transaction and assisting network participants with settling funds.
“We at Razorpay have always envisioned a world rich of businesses of all sizes—help them leverage digital payment technologies to sell more and grow faster," said Shashank Kumar, Managing Director and Co-founder, Razorpay.
"We’re really excited to support the government in this shared vision of democratising ecommerce through the ONDC platform and helping Indian SMEs and kirana store owners reap the benefits of digital commerce."
"I believe the possibilities the ONDC network provides are endless and I’m confident the payment reconciliation service will only further strengthen the development of ONDC’s tech infrastructure and help the ecosystem grow seamlessly from a payments and compliance point of view,” added Kumar.
With an open network approach, where the buyers and sellers do not need to necessarily be on the same platform, ONDC aims to enable SMEs to access a larger buyer universe, stated a release.
Edited by Kanishk Singh