Union IT minister Vaishnaw encouraged startups to look into ways to use ONDC in their businesses. He is confident that ONDC could be expanded to become the next UPI.
On Tuesday, Union IT Minister Ashwini Vaishnaw expressed optimism that the Open Network for Digital Commerce (ONDC), one of India’s most popular digital products, can succeed as the next UPI. Vaishnaw asserts that ONDC can support business owners engaged in e-commerce, B2B transactions, or direct consumer contact.
Vaishnaw gave his speech after officially opening the National Startup Conference as a part of Digital India Week 2022 at the Mahatma Mandir convention centre. He asked if ONDC could be expanded to become the new UPI. Vaishnaw requested everyone to take a close look at it. He said that the ministry believes that ONDC has a chance to become the next UPI. He appealed to companies to consider how they could use it for their businesses.
The Centre began the pilot phase of ONDC in April in five cities: Delhi NCR, Bengaluru, Bhopal, Shillong, and Coimbatore. This promotion of an open platform for all facets of the trade of goods and services through electronic networks is a government endeavour.
By using any ONDC-compatible application or platform, consumers may be able to find any vendor, product, or service, thereby enhancing their freedom of choice.
In his speech, Vaishnaw pushed startup business owners to introduce the UPI (Unified Payments Interface), a mechanism that integrates different bank accounts into one mobile application, to the world in a very significant way.
As a Cabinet minister, Vaishnaw oversees the portfolios of railroads, communications, and electronics, as well as information technology. He commended UPI as a great solution. Agreements to use it have already been signed with three nations. He expressed his desire to implement it broadly.
He recalled the time when political opponents had prophesied the downfall of the Centre’s “Startup India” campaign, claiming it was only a slogan or “jumla.” The minister highlighted the difference that has occurred now. Over 100 unicorns and nearly 70,000 businesses are now active in India. He said that ministers from nations that took decades to achieve it frequently inquire as to how India was able to establish such a startup environment so quickly.