Paytm pledges to enlist 10 million merchants on govt-backed ONDC platforms by 2025
Vijay Shekhar Sharma emphasised the potential of ONDC by revealing that Paytm has witnessed nearly 11.8 million customers redirected to its product from the platform.
Digital payments platform, Paytm is set to enlist 10 million merchants on the government-based ONDC platform by the end of 2025, as revealed by Vijay Shekhar Sharma, CEO and founder of One97 Communications, the parent company of Paytm at an ONDC event on Monday. He further emphasised on the company’s commitment to assisting small merchants and businesses in becoming an integral part of the mainstream economy.
Vijay Shekhar Sharma 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) is a government-backed platform open to all e-commerce stakeholders including digital payment firms. The ONDC has gained significant traction in the last few months and 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 spoke of the potential of ONDC and revealed that nearly 11 million people were redirected to its product through the platform. He also said that the presence of a substantial number of merchants would attract customers seeking their services. To ensure this, he said that resolving issues surrounding trust and discovery, further noting that there is a considerable customer base eager to engage in online shopping once these challenges are addressed.
T Koshy, the Managing Director and CEO of ONDC, provided a glimpse into the recent performance of the platform, signalling a positive initiation. According to him, there were approximately 1,200 transactions in January, while the current month has witnessed a remarkable surge with nearly 5 million transactions. These transactions are taking place in 600 cities which indicate a widespread adoption. Koshy 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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