Author: Rishita Gupta
Read Time: 5-7 mins
Jul 14, 2024
Is ONDC Similar to UPI? Understanding ONDC and UPI
Is ONDC Similar to UPI? Understanding ONDC and UPI
Is ONDC Similar to UPI? Understanding ONDC and UPI
Author: Rishita Gupta
Read Time: 5-7 mins
Jul 14, 2024
In India nowadays two government launched networks are in talks : ONDC and UPI. But still people have many questions about them. Is ONDC going to be the next revolution after UPI ? Is ONDC similar to UPI ? Let's dive deeper to know what is the deal with ONDC and UPI. Both of them represent the monumental shifts in our behavior with technology but they cater to different needs and sectors. In 2016 when UPI was launched by NPCI (National Payments Corporation of India), it proved to be a game changer in India’s financial ecosystem. It simplified transactions by allowing easy transfers directly between bank accounts through mobile devices.
There were basically 3 reasons as to why was UPI revolutionary,
1. Ease of Use : it enables users to make instant payments using just their mobile phones.
2. Accessibility: It brought digital payments to the masses.
3. Interoperability: It worked across different banks and payment platforms.
In India nowadays two government launched networks are in talks : ONDC and UPI. But still people have many questions about them. Is ONDC going to be the next revolution after UPI ? Is ONDC similar to UPI ? Let's dive deeper to know what is the deal with ONDC and UPI. Both of them represent the monumental shifts in our behavior with technology but they cater to different needs and sectors. In 2016 when UPI was launched by NPCI (National Payments Corporation of India), it proved to be a game changer in India’s financial ecosystem. It simplified transactions by allowing easy transfers directly between bank accounts through mobile devices.
There were basically 3 reasons as to why was UPI revolutionary,
1. Ease of Use : it enables users to make instant payments using just their mobile phones.
2. Accessibility: It brought digital payments to the masses.
3. Interoperability: It worked across different banks and payment platforms.
UPI was an innovation that democratized digital payments in India so that digital transactions were not just the domain of the tech-savvy but accessible to everyone. While UPI transformed the payment landscape in India, ONDC aims to do the same for e-commerce. But what exactly is the difference between ONDC and UPI and what revolution does it bring ?
UPI was an innovation that democratized digital payments in India so that digital transactions were not just the domain of the tech-savvy but accessible to everyone. While UPI transformed the payment landscape in India, ONDC aims to do the same for e-commerce. But what exactly is the difference between ONDC and UPI and what revolution does it bring ?
Unlike UPI, which targets the payments sector, ONDC is made to revolutionize the e-commerce sector. Its primary mission is to democratize digital commerce by providing an open network that connects buyers, sellers, and service providers like logistics and others across various platforms. The e-commerce market is already established and is dominated by giants like Amazon and Flipkart. However, the goal of ONDC is to level the playing field by offering a platform that ensures even the smallest businesses can have a digital presence. Just as UPI made digital payments accessible to all, ONDC aims to make digital commerce accessible to every business, regardless of size or resources. It can empower local and kirana store owners, street vendors to compete with larger established companies and firms.
Unlike UPI, which targets the payments sector, ONDC is made to revolutionize the e-commerce sector. Its primary mission is to democratize digital commerce by providing an open network that connects buyers, sellers, and service providers like logistics and others across various platforms. The e-commerce market is already established and is dominated by giants like Amazon and Flipkart. However, the goal of ONDC is to level the playing field by offering a platform that ensures even the smallest businesses can have a digital presence. Just as UPI made digital payments accessible to all, ONDC aims to make digital commerce accessible to every business, regardless of size or resources. It can empower local and kirana store owners, street vendors to compete with larger established companies and firms.
While UPI and ONDC look quite different from each other, here is how ONDC mirrors the spirit of the revolutionary spirit of UPI:
1. Digital Empowerment: ONDC helps to bring digital commerce to every part of India so that everyone can go online easily.
2. Breaking Barriers: ONDC aims to break down the barriers between different e-commerce platforms, creating a network where everyone can participate.
3. Economic Growth: ONDC has the potential for forcing growth and innovation.
In conclusion both UPI and ONDC are transformative in their own way , empowering the society , economic growth and inclusivity. ONDC, like UPI, has the potential to significantly impact India's digital economy.
While UPI and ONDC look quite different from each other, here is how ONDC mirrors the spirit of the revolutionary spirit of UPI:
1. Digital Empowerment: ONDC helps to bring digital commerce to every part of India so that everyone can go online easily.
2. Breaking Barriers: ONDC aims to break down the barriers between different e-commerce platforms, creating a network where everyone can participate.
3. Economic Growth: ONDC has the potential for forcing growth and innovation.
In conclusion both UPI and ONDC are transformative in their own way , empowering the society , economic growth and inclusivity. ONDC, like UPI, has the potential to significantly impact India's digital economy.
If you're a seller looking to join ONDC, SellerSetu is here to support you every step of the way. Fill out the form below to book a demo and discover how our expertise can streamline your onboarding process and enhance your experience.
If you're a seller looking to join ONDC, SellerSetu is here to support you every step of the way. Fill out the form below to book a demo and discover how our expertise can streamline your onboarding process and enhance your experience.
More on ONDC…
More on ONDC…
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Are You Ready To Start A Successful Journey On ONDC ?
Join the growing community of successful sellers who trust SellerSetu for their online selling needs. Start selling on the best online marketplace on ONDC. Fill out this form, and our team will reach out to you within the next 24 hours.
Are You Ready To Start A Successful Journey On ONDC ?
Join the growing community of successful sellers who trust SellerSetu for their online selling needs. Start selling on the best online marketplace on ONDC. Fill out this form, and our team will reach out to you within the next 24 hours.