Mumbai, Aug 30 (IANS) In-Solutions Global (ISG) in partnership with JPMorgan Payments has launched the “ONDC Made Easy” solution at GFF 2024 to democratise India’s fast-growing digital commerce market, which is projected to cross $350 billion by 2030.
The initiative aims to empower businesses by providing them direct access to the Open Network for Digital Commerce (ONDC) allowing them to showcase their products to a wider network of potential buyers.
The ONDC Network, an open initiative backed by the Government of India, is fast becoming the backbone of India’s digital economy, currently hosting over 35 thousand sellers and offering over 3.8 million SKUs across 236 cities. The network processed over 12 million business transactions in July 2024 alone.
Guhaprasth Rajagopal, Managing Director and Head of India Payments, JPMorgan Chase, said, “India’s e-commerce industry is on track to surpass $350 billion by 2030. Supporting our customers’ digital journey in this high-growth environment is our priority.”
“Every participant joining ONDC brings unique value, increasing the options for both buyers and sellers. JPMorgan’s partnership with ISG to facilitate the participation of its corporate clients in ONDC is a testament to the diverse and dynamic nature of the ONDC ecosystem. We are excited to see its positive impact on the digital commerce landscape,” said T Koshy, Managing Director and CEO of ONDC.
ISG and JPMorgan have previously collaborated to expand digital payments in the Asia Pacific region. Adelia Castelino, co-founder and managing director of ISG, said: “Our collaboration with JPMorgan in the Asia Pacific region has already demonstrated our ability to provide secure and efficient payment solutions.”
“We are thrilled to extend this partnership to the ONDC network, further enhancing the digital commerce experience for both buyers and sellers.” With an annual projected e-commerce growth rate of over 21 percent, this strategic partnership aims to simplify digital commerce for businesses by offering a “one-stop shop” solution that leverages ISG’s ONDC technology stack.
–IANS
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