Razorpay joins ONDC to offer payment reconciliation service for buyer, seller

Fintech unicorn Razorpay has said that it will be joining the Open Network for Digital Commerce ecosystem. The Bengaluru based company will launch a payment reconciliation service for network participants like buyers, sellers, and logistic partners, thereby streamlining the payment processes on ONDC, and providing them with an integrated single view of all their transactions. Through this solution, Razorpay will facilitate ease of transacting on ONDC by timely routing settlement information for a given transaction and assisting Network Participants with settling funds. And so we’re really excited to support the government in this shared vision of democratising e-commerce through the ONDC platform and helping Indian SMEs and Kirana store owners reap the benefits of digital commerce. I believe the possibilities the ONDC network provides are endless and I’m confident the Payment Reconciliation Service will only further strengthen the development of ONDC’s tech infrastructure and help the ecosystem grow seamlessly from a payments and compliance point of view," said Shashank Kumar, Managing Director & Co-founder, Razorpay.