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

1/6/2022 5:40:00 PM

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

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

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.Some of India's biggest banks are in discussions about setting

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.

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 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.Copy to clipboard https://str.LinkedIn NEW DELHI : Record green energy output reduced Indian dependence on coal in May, despite 23.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.

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 for action against the outsized influence of Amazon and Walmart's Flipkart in India's e-commerce. Last Friday (May 27), the Unique Identification Authority of India (UIDAI) which runs Aadhaar published an advisory warning Indians against sharing photocopies of this digital identifier with any organisation"because it can be misused". Policymakers in other countries as well are looking at ways to rein in big tech companies' dominance of online purchases. The share of renewable energy sources in power output rose to 14. "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." Two days after the warning, India's Ministry of Electronics and Information Technology said that the UIDAI advisory was being withdrawn to avoid"misinterpretation". Koshy in an interview. Rising global commodity prices have sparked concern among policymakers, with India's central bank announcing its first interest rate hike in nearly four years this month.

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. Aadhaar Identity Authentication ecosystem has provided adequate features for protecting and safeguarding the identity and privacy of the Aadhaar holder. Coal made room for it, dropping to 72. 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. For other purposes, Aadhaar is legally just another proof of identity.35 billion people. Coal's share was still higher than its 70. ONDC aims to cover at least 100 cities and towns by August, with a target of signing up 900 million buyers and 1. The UIDAI says it has generated over 1. "Instead, imports as a proportion of GDP - driven by higher prices for food, fuel and other commodities - are rising.

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.38 billion, since its inception in 2009.4 per cent of requirements in May. "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. But fears about data safety and privacy have dogged Aadhaar for years. They spoke on condition of anonymity because they were not authorised to speak to the media. Demand in the financial year to March 2023 is expected to grow at the fastest pace in at least 38 years. Consumer inflation hit 6.

The banks did not immediately respond to requests for comment.82). The platforms would allow the banks to drive use of their cards, loans, and other services, the sources said. The banks and other financial institutions had already committed to a combined initial investment of 2. India's Supreme Court had upheld the constitutional validity of the Aadhaar programme in 2018, saying it involved"parting with minimal information" to fulfill the larger public interest of the poor.3 million tonnes, helped by renewables stepping up to carry more of the national electricity load.55 billion rupees ($32.8 million) in the project. This did not stop Aadhaar from being made mandatory by default for many services.

While the project is moving forward, however, there were doubts whether it would diminish the presence of Amazon and Flipkart. Electricity demand in May was 23. "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. Among other things, it said that the agency had not ensured that devices used for Aadhaar authentication were"capable of storing personal information… which put the privacy of residents at risk. "Factors like loyalty and trust for Amazon's fulfilment services will still play a part in consumer choices online." Amazon and Flipkart did not respond to requests for comment. Recent months have seen a string of arrests in several states of individuals who allegedly siphoned government welfare payments made to Aadhaar-linked bank accounts. Daily average power requirement in May was 2. 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.

Telecom firms Bharti Airtel and Vodafone Idea are in discussions on how they could utilise the platform, two of the sources said. On May 13, the Haryana police said that fraudsters had been lifting fingerprints off the state's digital land revenue registry and patching them on duplicate silicon thumbs to withdraw money from Aadhaar-linked bank accounts. The firms did not immediately respond to requests for comment.1 per cent higher in May than a year before, while solar power output increased 37. Reuters reported last week that Google was also in talks with ONDC, while Paytm, India's leading fintech company, had already joined. Never share your Aadhar details with anyone. Source: Reuters .