New Delhi (India), 28th April 2023: Razorpay, a fintech company, has declared its intention to join the government-backed ecommerce network Open Network for Digital Commerce (ONDC).
The Bengaluru-based payments solution firm said that it will provide payment reconciliation services to network participants such as buyers, sellers, and logistic partners in order to streamline payment processes on ONDC.
Razorpay stated that it seeks to make ONDC transactions easier by timely routing settlement information for a specific transaction and supporting network participants (NPs) in settling money.
Sashank Kumar, Co-founder and MD of Razorpay said, “…we’re really excited to support the government in this shared vision of democratising e-commerce through the ONDC platform and helping Indian SMEs and Kirana store owners reap the benefits of digital commerce.”
Showing further faith in the Government’s initiative he said that, “ 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.”
The Tiger Global-backed startup claims that its technology, which validates transactions and maintains audit trails to verify documents and aids in the resolution of any disputes or discrepancies.
