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. Source: [Techcrunch](https://techcrunch.com/2024/08/22/indias-open-commerce-network-expands-into-digital-lending/)