With this initiative, PayNearby aims to upgrade every retailer, in its million+ active network, to benefit from the ongoing e-commerce revolution, including the ONDC platform.
Open Network for Digital Commerce (ONDC), is a private non-profit Section 8 company established by the Department for Promotion of Industry and Internal Trade (DPIIT) under the Central government to develop open e-commerce.
It was incorporated on 31 December 2022 with initial investment from Quality Council of India and Protean eGov Technologies Limited (formerly NSDL e-Governance Infrastructure Limited).
ONDC is not an application, an intermediary, or software, but a set of specifications designed to foster open interchange and connections between shoppers, technology platforms, and retailers
Within hours of the launch, the company shared that more than 6000+ retailers have upgraded themselves into a mall. More than 100+ retailers have ordered over 250+ orders, PayNarby said.
The most popular categories included mobile phones and accessories, home appliances, groceries and textiles while many searched for two-wheelers also. PayNearby Mall is envisioned as a meta-commerce platform that will empower every retailer and seller, from big merchants and e-commerce platforms to local sellers and small businesses (through ONDC) meet the unmet demand of their customers, both locally and across a wider market PAN India.
It will help retailers expand their market, run a more profitable business with no additional working capital requirement and use technology to make all forms of services available at the last mile.
PayNearby Mall comes at a time when the retail industry in India is undergoing a rapid transformation. It is a forerunner to our upcoming ONDC initiative, which will further democratise access to digital commerce for businesses of all sizes.