Now available: Loans, Insurance, and Investments on ONDC for Food & Essentials
Now, you can avail food items, groceries, personal loans, insurance, and mutual funds through a single government digital platform. The Open Network for Digital Commerce (ONDC) will soon enter the financial services sector. Infrastructure is being prepared for this purpose, and a successful trial transaction of personal loans was conducted on this platform a few days ago.
New Opportunities in Retail Sector
ONDC’s new plan arrives at a time when daily transactions in the retail sector have crossed Rs. 1 trillion. GST invoice-based financial products are being prepared on ONDC and will be launched shortly. Many financial companies like Aditya Birla, Tata Capital, Canara Bank, Kotak Mahindra Bank, Bajaj Finserv, and Bajaj Allianz are joining this network.
Entry into Three New Segments
ONDC is making its way into three new segments:
- Loan Segment: ONDC will offer loans through 85 apps including EasyPay, PayNearby, Rapidor, and Tata Digital. Seven people have already participated in the practical test of these services, which includes companies like DMI Finance, Aditya Birla Finance, and Karnataka Bank.
- Insurance Segment: ONDC will launch insurance loans such as motor and health insurance within 6-8 weeks. Initial apps for participation include InsuranceDekho, PolicyBazaar, and Clinic. Companies like Aditya Birla Health, Bajaj Allianz, and Kotak General could become the first to go live on this platform.
- Wealth Management: “The first product set will be mutual funds (below Rs. 100),” said an ONDC official. Currently, only FDs and bond funds are available for small investors in the country. This platform will make all kinds of mutual funds available in the future.
How to Place Orders on ONDC
- Log in to the payment app and type “ONDC” in the search bar or scroll down.
- You’ll find numerous options like food, groceries, electronics, etc.
- Choose a restaurant, store, or menu and add the desired products to your cart.
- Click on the “Go to Cart” button and select your delivery address or type it.
- Use any available coupon code and proceed to the payment option.
- Choose your preferred payment method, such as Paytm, to complete the purchase.
Importance of Payment App for ONDC
ONDC is not an app but a government e-commerce platform that directly connects sellers and buyers. It’s a non-profit company supported by the Indian government. While ONDC facilitates purchasing or ordering any item, having a payment app like Paytm is essential for making payments.
