India’s Open Commerce Network Expands into Digital Lending

India’s Open Network for Digital Commerce (ONDC) has grown to 12 million monthly transactions since its 2022 launch, now expanding into digital lending.
ONDC introduced APIs for unsecured loans, promising six-minute transactions, a significant efficiency boost over traditional loans.
Nine lending service providers and lenders, including EasyPay and Tata Digital, have joined the network, with more fintech players and banks to follow.
The network uses government-backed services like Aadhaar for KYC and eSign for loan disbursement, aiming to limit bad debts.
Future plans include GST invoice financing, purchase financing, and working capital lines, with insurance and investments also on the horizon.