Tuesday, June 25, 2024

Paytm to forego the 3% commission it charges as buyer app on ONDC: Report.

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Paytm, India’s leading digital payment platform, has announced that it will be waiving the 3% commission it charges as a buyer app on the Open Network for Digital Commerce (ONDC), according to recent reports. The move is aimed at promoting the use of the ONDC, which was launched by the Indian government last year to facilitate digital transactions and promote financial inclusion.

The ONDC is an open-source platform that allows merchants to sell their products and services to customers across various digital channels. The platform also aims to reduce the dependence on a few large players in the e-commerce space, as well as lower transaction costs for merchants and consumers.

Paytm’s decision to waive its commission on the ONDC is seen as a major boost for the platform, as it will encourage more merchants to join and offer their products and services to a wider customer base. The move is also expected to drive more competition in the e-commerce space, as smaller players will have a more level playing field to compete with larger players.

In addition to waiving the commission fee, Paytm is also reportedly planning to offer a range of value-added services on the ONDC, including logistics, marketing, and payment processing. These services are expected to provide additional benefits to merchants and encourage them to use the platform for their business needs.

The move by Paytm is also seen as a strategic one, as the company is looking to diversify its revenue streams and reduce its dependence on the traditional payments business. By offering value-added services on the ONDC, Paytm is positioning itself as a one-stop-shop for merchants looking to expand their business through digital channels.

Overall, Paytm’s decision to waive its commission fee on the ONDC is expected to have a positive impact on the platform and the e-commerce industry as a whole. It will encourage more merchants to join the platform, drive competition, and ultimately provide more options and benefits to consumers.

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