Razorpay ties up with ONDC to provide payment solution service for buyer, seller

The Bengaluru-based company will launch a payment solution service for network participants (NPs) such as buyers, sellers and logistics partners, thereby streamlining payment processes. ondcand providing them a unified single view of all their transactions.

Through this solution, razorpay Transactions on ONDC will be facilitated by timely routing settlement information for a given transaction and assist network participants (NPs) with settlement funds. It is a foolproof solution that validates transactions and maintains audit trails to support documentation that will notify any disputes or discrepancies that may arise.

With the ONDC open network approach, where buyers and sellers do not need to be on the same platform to be able to do business transactions, ONDC will enable SMEs to access a larger buyer universe.

“At Razorpay we have always envisioned a world enriched by businesses of all sizes – helping them to leverage digital payment technologies to sell more and grow faster. And so we democratize e-commerce through the ONDC platform and really excited to support the government in this shared vision of helping Indian SMEs and Kirana store owners take advantage of digital commerce. I believe the possibilities offered by the ONDC network are endless and I am confident that the payment solutions service will further strengthen ONDC’s technology infrastructure development and help the ecosystem grow seamlessly from a payments and compliance perspective,” said Shashank Kumar, Managing Director and Co-Director of Razorpay. founded by.

“We are thrilled to welcome Razorpay to ONDC. This is an important step towards our goal of enabling seamless and secure digital commerce for everyone. With this, we look forward to continuing to drive transparency and inclusion in the digital commerce space. and we look forward to working with Razorpay towards achieving this vision,” said Thampi Koshy, CEO, ONDC.