Paytm to add 10 million merchants to the ONDC platform in the next two years
The CEO and founder of Paytm parent One97 Communications, Vijay Shekhar Sharma, is thinking of adding 10 million merchants to the government-backed Open Network for Digital Commerce (ONDC) platform by 2025. He continued by saying that the company has observed that the platform has directed nearly 11.8 million users to its goods. He revealed this plan during an ONDC event, emphasizing the company's commitment to assisting small merchants and businesses in becoming integral parts of the mainstream economy.
As per news source, he stressed upon Paytm’s focus on small merchants within its ecosystem. He also highlighted the company’s mission to include the small merchants in the mainstream economy via digital payments. He stated, "Paytm's ecosystem is built around small merchants, and the mission that we are on is to help small merchants and small businesses become part of the mainstream economy. We plan to bring 10 million merchants on ONDC before 2025 ends."
The Open Network for Digital Commerce (ONDC), a government-backed platform open to all e-commerce stakeholders, including digital payment firms, has gained significant traction. Notable players such as Paytm, PhonePe's Pincode, and hyperlocal e-commerce firm magicpin are already part of this platform, making it a crucial space for digital commerce growth.
Sharma underlined the potential of ONDC by revealing that Paytm has witnessed nearly 11.8 million customers redirected to its product from the platform. While discussing the significance of onboarding additional merchants to ONDC, he stated that the presence of a substantial number of merchants would attract customers actively seeking their services.
ONDC MD and CEO, T Koshy presented the recent performance of the platform, signalling a positive initiation. He said that in January there were almost 1,200 transactions and the current month saw a significant increase with almost 5 million transactions.
Notably, transactions are occurring in 600 cities, indicating a widespread adoption. Koshy expressed optimism, describing this as the inception of a significant surge over the next 1-2 years. He articulated the platform's ambitious goal to increase the current transaction volume saying, “We aim to add one more zero to the current level of transactions in a year."
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