India lines up banks for e-commerce effort to take on Amazon, Walmart

1/6/2022 6:59:00 PM

India lines up banks for e-commerce effort to take on Amazon, Walmart

India lines up banks for e-commerce effort to take on Amazon, Walmart

NEW DELHI :India's effort to break Amazon Inc and Walmart Inc's dominance of its e-commerce sector, by establishing its own open network, has begun lining up banks and other key players needed to move it forward, sources familiar with the matter said.Some of India's biggest banks are in discussions about sett

NEW DELHI :India's effort to break Amazon Inc and Walmart Inc's dominance of its e-commerce sector, by establishing its own open network, has begun lining up banks and other key players needed to move it forward, sources familiar with the matter said.

Some of India's biggest banks are in discussions about setting up"buyer platforms" to let their customers place orders for goods and services over the Open Network for Digital Commerce (ONDC), which the Indian government soft-launched in April, the sources told Reuters.

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LinkedIn NEW DELHI :India's effort to break Amazon Inc and Walmart Inc's dominance of its e-commerce sector, by establishing its own open network, has begun lining up banks and other key players needed to move it forward, sources familiar with the matter said.LinkedIn NEW DELHI : India's scheme to break Amazon and Walmart's dominance of its e-commerce sector, by establishing its own open network, has begun lining up banks and other key players needed to move it forward, sources familiar with the matter said.NEW DELHI: India's growth slowed further in the first three months of 2022, the National Statistics Office (NSO) said on Tuesday (May 31), with inflation and higher oil prices denting a post-pandemic recovery.Copy to clipboard https://str.

Some of India's biggest banks are in discussions about setting up"buyer platforms" to let their customers place orders for goods and services over the Open Network for Digital Commerce (ONDC), which the Indian government soft-launched in April, the sources told Reuters. The success of the network, which would promise equal access to all online sellers and buyers regardless of their size, is a priority for Prime Minister Narendra Modi, who faces pressure from small businesses to act against the outsized influence of Amazon and Walmart's Flipkart in India's e-commerce. The success of the network, which would promise equal access to all online sellers and buyers regardless of their size, is a priority for Prime Minister Narendra Modi, who faces pressure from small businesses for action against the outsized influence of Amazon and Walmart's Flipkart in India's e-commerce. Policymakers in other countries as well are looking at ways to rein in big tech companies' dominance of online purchases. Annual growth for the 12 months to the end of March stood at 8. "If you look at the seller side, anybody who can make their digital catalog visible using this common language will have access to a large pool of buyers shared across apps," ONDC Chief Executive T. "The approach theoretically is to make all the different building blocks, like sellers and buyers of an Amazon, inter-operable with a Flipkart," said ONDC Chief Executive T. Koshy said about the network.7 per cent.

"It is no longer controlled by one large corporation. Koshy said he had held talks with banks, venture capitalists and telecoms companies, but declined to name them or to comment on how far the discussions had progressed. The country of 1." Koshy said he had held talks with banks, venture capitalists and telecoms companies, but declined to name them or to comment on how far the discussions had progressed. Indian e-commerce was worth more than $55 billion in gross merchandise value in 2021 and will grow to $350 billion by the end of this decade, according to government estimates. Amazon and Flipkart control more than 60 per cent of that market, which now accounts for about 8 per cent of consumer purchases in a country of 1. Amazon and Flipkart control more than 60 per cent of that market, which now accounts for about 8 per cent of consumer purchases in a country of 1. "The pandemic may be receding, but growth has not returned," economist Mihir Swarup Sharma of the New Delhi-based Observer Research Foundation told AFP.35 billion people. ONDC aims to cover at least 100 cities and towns by August, with a target of signing up 900 million buyers and 1. The US$26 billion (S$35.

ONDC aims to cover at least 100 cities and towns by August, with a target of signing up 900 million buyers and 1.2 million sellers in five years. Bank of Baroda's chief digital officer, Akhil Handa, said his bank was in talks about the project but it was too early to talk about specific use cases. Higher-than-expected revenues could give New Delhi some"headroom" to cushion consumers from inflation, Sharma said. Bank of Baroda's chief digital officer, Akhil Handa, said his bank was in talks about the project but it was too early to talk about specific use cases. "This certainly has the potential to be the next big thing," he said. State Bank of India, Axis Bank, Punjab National Bank, ICICI, HDFC, Kotak and IDFC First are among other lenders in discussions with ONDC to set up buyer platforms, three sources familiar with the matter told Reuters. State Bank of India, Axis Bank, Punjab National Bank, ICICI, HDFC, Kotak Mahindra and IDFC First are among other lenders in discussions with ONDC to set up buyer platforms, three sources familiar with the matter told Reuters. Consumer inflation hit 6.2 per cent.

They spoke on condition of anonymity because they were not authorised to speak to the media. The banks did not immediately respond to requests for comment. Kotak said it had invested in ONDC with the belief that the project would"redefine digital commerce in the country". It did not comment on buyer platforms. The banks and other financial institutions had already committed to a combined initial investment of 2. "Alarmingly, persistent and spreading inflationary pressures are becoming more acute with every passing day," Reserve Bank of India governor Shaktikanta Das said this month. The other banks did not respond to requests for comment. The platforms would allow the banks to drive use of their cards, loans, and other services, the sources said.8 million) in the project. More On This Topic.

The banks and other financial institutions had already committed to a combined initial investment of 2.55 billion rupees ($32. "The network is not about every small player colluding to make a big company like Amazon irrelevant," said Pranav Pai, managing partner at 3one4 Capital which invests in start-ups.8 million) in the ONDC project. While the project is moving forward, however, there were doubts whether it would diminish the presence of Amazon and Flipkart." Amazon and Flipkart did not respond to requests for comment. "The network is not about every small player colluding to make a big company like Amazon irrelevant," said Pranav Pai, managing partner at 3one4 Capital which invests in start-ups.

"Factors like loyalty and trust for Amazon's fulfilment services will still play a part in consumer choices online. Telecom firms Bharti Airtel and Vodafone Idea are in discussions on how they could utilise the platform, two of the sources said." Amazon and Flipkart did not respond to requests for comment. Venture capital firms Accel and Sequoia are also in talks about potentially investing in start-ups that would join ONDC, one of the sources said. Reuters reported last week that Google was also in talks with ONDC, while Paytm, India's leading fintech company, had already joined. Telecom firms Bharti Airtel and Vodafone Idea are in discussions on how they could utilise the network, two of the sources said. The firms did not immediately respond to requests for comment.

Reuters reported last week that Alphabet Inc's Google was also in talks with ONDC, while Paytm, India's leading fintech company, had already joined. Source: Reuters .