The discussion centered on the potential of digital commerce in India and the opportunities and challenges it posed for economic growth
T Koshy, CEO of the Open Network for Digital Commerce (ONDC), discussed the platform's pivotal role in governance and trust-building within the digital commerce ecosystem. He was part of a trialogue session at the recently concluded Global Fintech Fest (GFF) 2023.
The panel, which included Noopur Chaturvedi, CEO of NPCI Bharat BillPay Limited, and Suresh Sethi, MD and CEO of Protean eGov Technologies, focused on India's digital commerce potential and the associated economic opportunities and challenges.
In the discussion, Sethi emphasised that ONDC prioritised two aspects in its technology development: the gateway and the reconciliation and settlement system.
Koshy concluded the discussion by sharing his vision for ONDC, emphasising the integration of every catalogued product or service into the ONDC network.
GFF 2023 was supported by various Indian government bodies, including the Ministry of Electronics and Information Technology (MeitY), the Department of Economic Affairs (DEA), Ministry of Finance, the Reserve Bank of India (RBI), and the International Financial Services Centres Authority (IFSCA).
PCI, established in 2013, caters to the digital payment industry's needs. It represents regulated non-banking payment industry players, addressing industry-level issues and promoting payment industry growth.
Founded in 2017 as a fintech committee, FCC focuses on expanding financial services to promote financial inclusion and digital empowerment. The council encourages collaboration and convergence among financial services players, with committees dedicated to areas like lending, wealth management, insurance, neo-banking, and regtech.