large scale image
LCP Image

Back to TSCFM News

Axis Bank develops new platform for groceries on ONDC

April 18, 2023

Axis Bank develops new platform for groceries on ONDC
Axis Bank, one of India’s largest private banks, is gearing up to launch a new consumer-facing buyers’ platform built on top of India’s Open Network for Digital Commerce (ONDC) framework as it looks to strengthen its e-commerce forays amid a push from the government for deeper penetration of the open network, which is billed to be the UPI (unified payments interface) of digital commerce.

Axis has already designed the platform and will be launching it as a part of its e-commerce segment called Grab Deals, people aware of the matter told Moneycontrol. The platform will initially have only groceries, but will soon expand to other segments, the people said requesting anonymity. The platform will be going live soon and it will be launched in select cities initially, according to the people. Moneycontrol has seen internal documents of the new application.
 
“Grab Deals has been a part of Axis for some time now and as a part of this new project, the company is revamping the entire Grab Deals platform. While there’s no separate application for Grab Deals yet, Axis will be launching it soon,” said one of the people quoted above.
 
“The ONDC for groceries will still remain integrated even after Grab Deals goes live on app stores and going forward, the company might launch a separate app for the ONDC platform, too,” the person added.
 
Axis Bank’s move to launch a new buyers’ hyperlocal application on ONDC comes just a couple of weeks after Walmart-backed PhonePe, India’s most-valued fintech startup, launched a new application called Pincode with a focus on hyperlocal commerce. Axis Bank is also a shareholder in ONDC and holds roughly 8 percent stake.
Important Links:

Recommended for you ...

Modi, Mauritius, and Sri Lanka Leaders Unveil Digital Payment Services
Modi, Mauritius, and Sri Lanka Leaders Unveil Digital Payment Services

February 12, 2024

Public Sector Banks Surpassing Private Peers, Investors Reconsidering Choices
Public Sector Banks Surpassing Private Peers, Investors Reconsidering Choices

February 12, 2024

Indian Banks Seek RBI Permission for Global Bond Trading Ahead of Inclusion in Indices
Indian Banks Seek RBI Permission for Global Bond Trading Ahead of Inclusion in Indices

February 12, 2024

Enquire Now
REQUEST A CALLBACK
Chat on WhatsApp