Leading digital payments platform, Paytm, is set to onboard 10 million merchants on the government-backed Open Network for Digital Commerce (ONDC) platform by the end of 2025. Vijay Shekhar Sharma, CEO and founder of One97 Communications, the parent company of Paytm, revealed this ambitious plan during an ONDC event on Monday, emphasising the company’s commitment to assisting small merchants and businesses in becoming integral parts of the mainstream economy.
According to a PTI report, Sharma highlighted Paytm’s focus on small merchants within its ecosystem and its mission to facilitate their inclusion in the mainstream economy through digital payments. He stated, “Paytm’s ecosystem is built around small merchants, and the mission that we are on is to help small merchants and small businesses become part of the mainstream economy. We plan to bring 10 million merchants on ONDC before 2025 ends.”
The Open Network for Digital Commerce (ONDC), a government-backed platform open to all e-commerce stakeholders, including digital payment firms, has gained significant traction. Notable players such as Paytm, PhonePe’s Pincode, and hyperlocal e-commerce firm magicpin are already part of this platform, making it a crucial space for digital commerce growth.
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Vijay Shekhar Sharma emphasised the potential of ONDC by revealing that Paytm has witnessed nearly 11.8 million customers redirected to its product from the platform. Discussing the significance of onboarding additional merchants to ONDC, he stated that the presence of a substantial number of merchants would attract customers actively seeking their services.
To ensure this, he said that resolving issues surrounding trust and discovery, further noting that there is a considerable customer base eager to engage in online shopping once these challenges are addressed.
T Koshy, the Managing Director and CEO of ONDC, provided a glimpse into the recent performance of the platform, signalling a positive initiation. According to him, there were approximately 1,200 transactions in January, while the current month has witnessed a remarkable surge with nearly 5 million transactions.
Notably, transactions are occurring in 600 cities, indicating a widespread adoption. Koshy expressed optimism, describing this as the inception of a significant surge over the next 1-2 years. He articulated the platform’s ambitious goal to increase the current transaction volume saying, “We aim to add one more zero to the current level of transactions in a year.”
(With inputs from PTI)
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