Insurance and mutual funds to be soon available on ONDC
Digital Commerce (ONDC), the aggregator platform that runs on open-source technology, is set to launch insurance and mutual fund products in the next two months and will partner MasterCard for credit cards.
ONDC also launched six-minute digital loans that will offer unsecured credit to salaried and non-salaried customers.
“We have deployed a Marine app, one insurer and two more are coming,” said T Koshy, CEO, ONDC. “For health (insurance) also, we are live, but the partner doesn’t have the licence. The motor (insurance) should happen in the next month or so. And MF will go live next month. We want to hit the 100-200 transactions first.”
The platform is also looking to incorporate credit cards in its suite of offerings but hasn’t set a timeframe on when it will be launched.
“We have a community volunteer programme, if a certain company wants to help build protocol, we hold the reins and understand that we will release it to the public,” said Hrushikesh Mehta, Senior Vice President, Financial Services — ONDC. “Just got MasterCard who is now willing to be the volunteer and build protocols for credit card rollout.”
Incorporated on 31st December 2021, Open Network for Digital Commerce (ONDC), a Section 8 company, is an initiative of the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, Government of India, to create a facilitative model that revolutionizes digital commerce, giving greater thrust to penetration of retail e-commerce in India.
On Thursday, ONDC
