ONDC has released a first draft of specifications for financial services, which includes the buying and selling of gift cards, and personal loans. The specifications will be finalized in two or three weeks after feedback is received from stakeholders.
ONDC is committed to creating a platform that will make it easier for consumers to access financial products and services, and this first draft of specifications is a step in that direction.
Once the feedback is incorporated, ONDC will launch a pilot program for financial services in select cities. The goal is to have a full-fledged financial services ecosystem on ONDC by the end of 2023.
Increased competition and innovation:
ONDC's open platform will allow for greater competition and innovation in the financial services sector.
Increased access to financial services:
ONDC's decentralized network could make it easier for small businesses and underserved communities to access financial services.
Improved transparency:
ONDC's platform will make it easier for consumers to compare financial products and services.
This will collaborate, sharing and new models and make it easier for decision-making authorities to respond to policy needs. ONDC also wants to include FastTag and insurance products on its platform.
The specifications for ONDC financial services will be finalized in a week or two. Financial products will be added to the growing list of products and services that ONDC offers.