Spice Money joins ONDC, a Govt of India backed initiative to democratize e-commerce in India
Bengaluru October 11, 2022: Spice Money, India’s leading rural fintech that is revolutionizing the way Bharat banks, today announced that it is the only rural fintech player and one of the four buyer-side apps to be implemented on the Government of India-backed ONDC (Open Network for Digital Commerce) that has gone live for beta testing in Bengaluru Urban District. The soft launch is said to be invite-only before it moves out of the beta phase and is made available to the public. This will facilitate Spice Money to help its Adhikaris to get access to small merchant stores without being restricted to only their localities.
Incorporated on 31st December 2021, Open Network for Digital Commerce (ONDC), a Section 8 company is an initiative of the Department of Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce, Government of India, envisioned to create a facilitative model to revolutionize digital commerce, giving greater thrust to penetration of retail e-commerce in India.
ONDC is not an application, platform, intermediary, or software but a set of specifications designed to foster open, unbundled, and interoperable open networks thereby eliminating the dependency on a single platform.
ONDC and the role of Spice Money
The current market penetration of eCommerce, in terms of the overall economy, stands at 8%. With ONDC, it is expected to grow to 25% in the next two years. With almost 70% of the country’s population residing in rural regions that contribute almost 50% of the GDP of the country, the lion’s share in this projected growth of eCommerce will be from this sector. Spice Money, the category creator for rural fintech, is uniquely positioned to play the torchbearer in this regard, owing to its expertise and understanding of the rural market, and is positioned to become a strategic ally in this initiative.
Sanjeev Kumar, Co-Founder & CEO, of Spice Money, said, “Since inception, fostering inclusivity for the citizens of Bharat has been foremost in our minds. We have been working closely with ONDC, which will solve the problem of discoverability for small businesses that cannot afford to pay substantial commissions or spend for getting better visibility on established eCommerce platforms. With ONDC, eCommerce in India is going to get democratized like never before. Our Spice Money Adhikari stores in rural India will benefit immensely from this eCommerce revolution. At Spice Money, we are delighted to currently be the only rural fintech player to be a part of this movement.”
Spice Money has been dedicated to helping nanopreneurs grow their businesses by helping them onboard its network as Adhikaris at zero cost. Now with ONDC, it will further boost the prospects of these small business owners by ensuring great visibility transcending geographies.