ISG and JP Morgan Unveil 'ONDC Made Easy' to Harness India's $350 Billion Digital Commerce Surge
In a significant move to democratize India’s booming digital commerce sector, In-Solutions Global (ISG) has joined forces with JP Morgan Payments to launch the 'ONDC Made Easy' solution at the Global Fintech Fest 2024. This initiative seeks to empower businesses by granting them seamless access to the Open Network for Digital Commerce (ONDC), a government-backed platform poised to become a cornerstone of India’s digital economy.
The ONDC network is gaining rapid traction, currently hosting over 35,000 sellers and offering more than 3.8 million SKUs across 236 cities. In July 2024 alone, the network facilitated over 12 million business transactions, underscoring its growing importance in India’s e-commerce landscape. The country’s e-commerce industry, forecasted to exceed $350 billion by 2030, is witnessing an unprecedented surge, making digital access vital for businesses aiming to tap into this expanding market.
Guhaprasath Rajagopal, Managing Director and Head of India Payments at JP Morgan, emphasized the importance of this partnership, stating, "India’s e-commerce industry is on a trajectory to surpass $350 billion by 2030. Supporting our clients' digital journey in this high-growth environment is a priority for us."
T Koshy, Managing Director and CEO of ONDC, highlighted the impact of this collaboration, noting, "Every participant who joins ONDC brings unique value, expanding choices for buyers and sellers alike. JP Morgan’s partnership with ISG to facilitate the participation of their corporate clients in ONDC is a testament to the diverse and dynamic nature of the ONDC ecosystem".
ISG and JP Morgan have a history of successful collaboration in the Asia Pacific region, focusing on digital payments. "Our collaboration with JP Morgan in the Asia Pacific region has already demonstrated our capability to deliver secure and efficient payment solutions", said Adelia Castelino, Co-founder and Managing Director at ISG.
The 'ONDC Made Easy' solution promises to simplify digital commerce for businesses, offering a comprehensive "one-stop shop" by leveraging ISG’s ONDC tech stack, further enhancing the digital commerce experience for both buyers and sellers.