Razorpay, an Indian digital payments and banking solutions provider, has partnered with the Open Network for Digital Commerce (ONDC) to offer a payment reconciliation service to buyers, sellers, and logistics partners. ONDC is a platform that aims to simplify digital commerce in India by connecting all players in the ecosystem through a single network. The partnership with Razorpay will enable merchants to reconcile payments received through different channels, including UPI, wallets, and cards, on a single dashboard. The service will also help in resolving disputes related to payments and settlements in a transparent and efficient manner. The move is expected to streamline the payment process for small and medium-sized enterprises (SMEs) and improve their cash flow management.
The Open Network For Digital Commerce (ONDC) is an initiative by the Government of India aimed at creating a unified digital commerce infrastructure for the country. The platform is designed to facilitate smooth transactions between buyers, sellers, and logistics partners, thereby enabling faster and more efficient delivery of goods and services.
Razorpay, a leading Indian fintech company, has joined the ONDC to offer payment reconciliation services to buyers, sellers, and logistics partners. The payment reconciliation service will enable merchants to reconcile payments received from different payment gateways, banks, and wallets, and reconcile them against their orders, thereby reducing the need for manual intervention and increasing efficiency.
Razorpay’s payment reconciliation service will be integrated with the ONDC platform, which will allow merchants to access it directly from their ONDC account. The service will be available to merchants across all industry verticals and will be free of charge for a limited period.
The partnership between Razorpay and ONDC is expected to accelerate the adoption of digital payments and boost e-commerce in India by making it easier and more efficient for merchants to manage their payments and reconcile their transactions.