Sequoia-Backed Fintech Major Razorpay Joins ONDC The fintech company claims that it will be the first payment gateway to launch a payment reconciliation service for the network participants
By Teena Jose
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Razorpay, a full-stack payments and banking platform for businesses, has announced that it joined the ONDC (Open Network for Digital Commerce) ecosystem. The fintech major claims to become the first payment gateway to launch a payment reconciliation service for the network participants (NPs) like buyers, sellers, and logistic partners, thereby streamlining the payment processes on ONDC, and providing them with an integrated single view of all their transactions.
"We at Razorpay have always envisioned a world rich of businesses of all sizes - help them leverage digital payment technologies to sell more and grow faster. And so 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. 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," said Shashank Kumar, managing director and co-founder, Razorpay.
Through this solution, Razorpay will facilitate ease of transacting on ONDC by timely routing settlement information for a given transaction and assisting network participants (NPs) with settling funds. With an open network approach, where the buyers and sellers do not need to necessarily be on the same platform to be able to do a business transaction, ONDC will enable SMEs to access a larger buyer universe, according to an official release by the company.
"We are thrilled to welcome Razorpay to ONDC. This is a significant step towards our goal of enabling seamless and secure digital commerce for everyone. With this addition, we continue to drive transparency and inclusion in the digital commerce space and we look forward to working with Razorpay towards achieving this vision," said T Koshy, CEO, ONDC.
Founded in 2014 by Roorkee, Shashank Kumar and Harshil Mathur, Razorpay is a full-stack financial services company that helps Indian businesses with comprehensive and innovative solutions built over robust technology to address the entire length and breadth of the payment and banking journey for any business.
