In order to promote early network adoption among its clients, IDFC First Bank announced that it has registered as a participant in the Open Network for Digital Commerce (ONDC), a Ministry of Commerce and Industry project.

According to the bank, it has created a platform for buyers that will aid them in finding sellers as the ONDC network grows over time. The bank has begun registering its current account holders and small business owners on a partner app registered with ONDC. According to the statement, the app is anticipated to assist small businesses in conducting transactions over ONDC’s electronic network and expand their digital footprint.

“By using ONDC, we can empower merchants to mobilise the network effect and unlock value at scale,” said B Madhivanan, chief operating officer of IDFC First Bank. The bank’s digital and social-good principles are in line with the ONDC model, which is entirely digitally driven.

In order to democratise e-commerce, ONDC, a Section 8 corporation, has been established. ONDC will change e-commerce from a platform-centric approach to an open network model, like the Unified Payments Interface (UPI) for payments. According to the bank, ONDC is anticipated to increase supply chains, buyer universes, logistics, and technological services’ inclusivity and interoperability.

“IDFC FIRST Bank joining the network is positioned to increase the network on both sides – buyers and sellers,” said Shireesh Joshi, a chief business officer of ONDC.