Report, Retail News, ET Retail

The government’s Open Network for Digital Commerce (ONDC) monthly transaction volumes touched 10 million in June last month, with 6.1 million non-mobility transactions and 3.9 million mobility-related transactions, said a July 7 Equirus Securities India Equity Research BFSI sector report. The open network has been adding one million transactions per month in the last two months, showing strong growth, it said. Most of this additional growth was driven by retail, with non-mobility orders crossing 6 million transactions in June 2024, compared to 3.6 million in March 2024, it added. Mobility-related transactions fell to 3.9 million from 4.1 million in March 2024, the report said.

The report also said ONDC has reduced volume-based incentives for network participants by up to 75% starting in the second quarter of fiscal 2025.

The chain has also piloted consumer loans and is gradually looking to offer larger B2B loans of up to Rs 10-15 crore, a report reported by ET said. Apart from loans, expansion into insurance and investments is underway, while passive funds (index, liquid) are likely to be launched soon.