Since its launch in 2022, India's Open Network for Digital Commerce (ONDC) has significantly expanded by enabling 12 million monthly transactions in digital services. Its recent expansion into financial services, starting with APIs for digital lending, aims to enhance digital inclusion and boost the economy, illustrating a promising blend of technology and government support.
The ONDC's introduction of credit is designed to accelerate the digital lending process, enabling loans to be delivered in just six minutes compared to traditional methods that can take days. This change is a leap forward in efficiency and accessibility for consumers, particularly in a rapidly advancing digital marketplace.
By onboarding nine lending service providers and popular banks, ONDC aims to develop a robust digital lending ecosystem. They are focused on expanding their offerings by integrating more fintech players, ultimately allowing more seamless access to financial services through their network.
This framework stands to revolutionize how individuals, both salaried and self-employed, approach borrowing in India. With the involvement of diverse lenders and fintechs, ONDC is creating a platform designed to foster greater engagement and economic activity among the population.
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