ONDC touches ~1 crore transactions a month – A UPI Moment in Digital Commerce?

ONDC (Open Network for Digital Commerce, a government-initiated non-profit entity) crossed 99 lakh transactions in June 2024. ONDC is a Digital Public Infrastructure (DPI), a concept that received significant focus in the Union Budget 2024-25. A recent report by the India’s G20 Task Force on Digital Public Infrastructure suggested that India achieved financialisation in 9 years, a process that would have probably taken 50 years, thanks to DPIs such as UPI, Aadhaar, etc. Adoption of ONDC could act as a leveler in the marketplace, aiding easier flow of trade within the country. Rising usage of DPIs could provide a productivity boost to land, labour and capital, and bodes well for the economy.