Prime Minister Narendra Modi has said that the Open Network for Digital Commerce (ONDC) is revolutionising online shopping by connecting small and large businesses to bigger opportunities.
Speaking at the Global Fintech Fest (GFF) 2024 in Mumbai, Modi noted that digital public infrastructure (DPI) is playing a crucial role for bringing in fintech transformation in the country.
GFF is jointly organized by the Payments Council of India, the National Payments Corporation of India and the Fintech Convergence Council and it aims to showcase India’s strides in Fintech and bring together key stakeholders of the sector.
Hailing the Digital Twins technology, the Prime Minister said that it is going to change the way the world has been assessing risk management, evaluating fraud detection and providing customer experience.
Noting the advantages of Open Network for Digital Commerce (ONDC), Modi said it is making online shopping inclusive and connecting small businesses and enterprises to bigger opportunities. “Today, account aggregators are using data for smooth functioning of companies, the liquid and cash flow of small institutions are improving due to trade platforms and a digital voucher like e-RUPI is being used in many forms,” Modi said, adding that these products are equally useful for other countries of the world.
Referring to the modern-day concepts of Digital Only Banks and Neo-Banking, the Prime Minister said, “The 21st-century world is changing at a fast pace and while the journey from currency to QR (quick response) codes took us a while, we have been witnessing innovations daily.”
Noting that sustainable economic growth is India’s priority today, the Prime Minister said that the government is creating robust, transparent and efficient systems to strengthen financial markets with advanced technologies and regulatory frameworks.
