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Sequoia-backed fintech Razorpay to integrate with ONDC

Bengaluru / Apr 27, 2023 / 02:21 PM IST

Razorpay is the second large fintech startup that has joined the ONDC this month, after Walmart-owned PhonePe went live on the open network in April. Noida-based Paytm was among the first few companies that went live on the ONDC.

This comes at a time when ONDC’s merchant base has risen to 85,000 — from around 800 in December — after it launched an incentive scheme for seller-side apps to enroll merchants. Representative image

Razorpay, the fintech platform which mainly focuses on businesses, said it would be joining the government’s e-commerce project, the Open Network for Digital Commerce (ONDC). The Tiger Global-backed payments solution provider will launch a payment reconciliation service for several network participants, which includes buyers, sellers, and logistic providers.

The Bengaluru-based company boasts of over 10 million businesses on its platform, including small and medium enterprises, and says its history of maintaining an audit trail will likely help settle any disputes or discrepancies that arise on the network.

"The possibilities the ONDC provides are endless. 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,” Shashank Kumar, managing director and co-founder of Razorpay, said.

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