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IDFC First Bank Joins Open Network For Digital Commerce

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HT Bureau

GUWAHATI, Sept 7: IDFC First Bank signed up as a participant in the Open Network for Digital Commerce (ONDC), an initiative of the ministry of Commerce and Industry, to enable early adoption of the network among its customers, on Wednesday. As an early mover in the ONDC network, the bank has enabled a platform for buyers which will help them discover sellers in the ONDC Network as it develops over time. The bank has also started onboarding small merchants, who are its current account customers, onto a partner app registered with ONDC. The app is expected to help small merchants carry out transactions over ONDC’s electronic network and step up their digital footprint.

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B. Madhivanan, chief operating officer, IDFC FIRST Bank, said, “As a technology-first bank and an early adopter of digital initiatives, we are pleased to be part of a techno-social innovation that will trigger a dramatic shift in the way buyers and sellers interact online. By leveraging ONDC, we can enable merchants to mobilise the network effect and unlock value at scale. ONDC is a fully digitally-driven model and aligns with the bank’s digital and social – good ethos.”

Shireesh Joshi, chief business officer, ONDC, said, “IDFC FIRST Bank joining the network is poised to expand the network on both sides – buyers and sellers. This is a great development and we look forward to IDFC FIRST Bank offering more options on the network on both sides. Each participant brings their unique insight and knowledge to the design they implement, and this diversity of approach will add richness to user experience on ONDC.”

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