The Open Network for Digital Commerce (ONDC) is an initiative by the Government of India to reshape the digital commerce landscape in the country. As e-commerce becomes the norm rather than the exception, the ONDC aims to help businesses of all sizes, especially those left behind, to be a part of the digital space. 

ONDC aims to empower small businesses and local vendors to compete with larger e-commerce companies by increasing their digital reach. It also aims to help small enterprises, startups, and large corporations connect with customers.

Let’s learn more about ONDC.

Understanding ONDC

• ONDC is a non-profit company established by the Department for Promotion of Industry and Internal Trade (DPIIT). 

• It is  not a standalone app or e-commerce website. Instead, ONDC is a set of open protocols that allows buyers and sellers to interact across various digital platforms. 

• You can consider the role of ONDCin the e-commerce market, like the United Payments Interface or UPI’s role in digital payments. Just as one can use UPI regardless of their preferred app, ONDC’s role is visible across multiple e-commerce platforms. 

• ONDC is especially useful for small and medium-sized businesses, local merchants, and family-owned stores. They can display their products on various buyer platforms on the ONDC network, across sectors like food, grocery, and mobile.

• As the full form of ONDC suggests, it is an ‘Open Network for Digital Commerce’. As such, it aims to break the hold of large e-commerce platforms by making it possible for different digital platforms to work together. 

• This means more businesses can transact via e-commerce, reach more customers, and grow. ONDC also reduces the reliance on any one platform. Thus, it creates a wider digital marketplace where companies can connect directly with consumers.

How ONDC Works and Its Components

Now that you know the full form of ONDC and its concept, let’s briefly look at how it works. 

ONDC’s ecosystem has three primary components: 

·       Buyer Apps

These are applications like user-facing apps, chatbots, or voice assistants. These allow customers to browse and purchase products and services.

·       Seller Apps

Businesses use these to handle the supply side. These apps help with listing products, receiving orders, and fulfilling them to complete transactions.

·       ONDC Gateways

These serve as connectors by linking buyers and sellers. For instance, an app that supports location-based searches and helps users find nearby sellers.

The architecture of ONDC is such that each component can function independently and communicate with each other through APIs. The ONDCnetwork relies on the Beckn protocol to ensure smooth and optimal functioning of its various components within its  accessible approach. 

Benefits of the Open Network for Digital Commerce

With ONDC, each player in the e-commerce market – and the market itself – can enjoy several benefits. 

·       For Consumers

– More Choices: Consumers enjoy a broader selection of products from multiple platforms and vendors.

– Competitive Pricing: Healthy competition among sellers can lead to better pricing options and discounts.

– Simplified Process: ONDC brings products across different platforms into one, which allows for a streamlined shopping experience.

·       For Sellers

– More Consumers: ONDC enables sellers, particularly smaller businesses, to reach a wider consumer base.

– Lower Costs: Reduced dependency on a single, big platform means fewer commission fees for sellers.

– More Autonomy: Sellers have more control over their listings, pricing, and customer interactions.

·       For the E-Commerce Market

– Encourages Competition: ONDC is crucial to decentralise the e-commerce space and reduce the dominance of large platforms. This creates a fairer, competitive market.

– Promotes Innovation: Its open structure allows new businesses and services to join and encourages fresh ideas.

– Supports Digital Inclusion: ONDCbrings small businesses and local stores into the digital marketplace to create a more inclusive digital economy.

Also Read: Evolving Current Account Trends & the Impact of Digital Advancements

Conclusion

The Open Network for Digital Commerce (ONDC) will help transform digital commerce in India. ONDC’s open, accessible structure will help expand customer choice, support smaller businesses, and foster healthy competition across the e-commerce sector. 

If you are a business looking to make the most of the opportunities in this unfamiliar landscape, the first step is effective financial management. IndusInd Bank’s current account options are designed to support business growth in the digital economy. 

Our current accounts offer high transaction limits, overdraft facilities, digital payment options, and on-the-go banking across different channels. This makes an IndusInd Bank’s current account the ideal choice for handling the day-to-day operations of businesses participating in e-commerce. 

The best part? We have simplified the current account opening process as well, as you can open a new account digitally, right away! Open a current account with IndusInd Bank now! 

Disclaimer:

The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.

Digital payments have seen a considerable rise in India in the last few years. As per government data, there were 18,737 crore digital payment transactions in India in FY 2023-24. This is a steep rise from a volume of 2,071 crore transactions in FY 2017-18. 

As a business owner, you must capitalise on these trends by enabling digital payment options for your business. As more people move towards cashless payments, offering a variety of payment options can boost your cash flow and make financial operations easier. 

Businesses should integrate different tools like QR codes with their current account to meet the emerging needs of their customers. In this article, we will look at some key digital payment methods for businesses and explain their usefulness. 

Digital Payment Options for Your Business

Here are some secure and convenient digital payment solutions you can provide to your customers: 

1. Point of Sale (POS) Devices

A POS device is a digital payment solution used in customer-facing businesses. You may have seen them at physical stores, supermarkets, restaurants, and more. POS terminals allow customers to pay using their debit or credit cards. For even more flexibility, businesses can opt for mPOS (mobile POS) devices. These are portable and can be connected to smartphones or tablets. 

2. QR Code Payments

QR codes are one of the most popular digital payment options today. From high-end restaurants to small-scale grocers, all businesses have a QR payment system these days. Easy to implement and widely accepted, QR codes allow customers to pay by simply scanning the code with their smartphones. Once scanned, they can complete the payment through UPI or a mobile wallet. 

When you open a current account online, you can link the account to a UPI ID. Next, you can access the QR code attached to your current account via the UPI-enabled app on your phone. You can print it out or present it on your phone to the customers for cashless payments.

3. Soundbox Payment Devices

A Soundbox provides instant audible confirmation when a payment is made. This makes it easy for vendors and businesses to track transactions in real time. You can integrate it with your UPI device and accept payments with ease and accuracy.

4. Payment Gateways for E-Commerce

Payment gateways are essential for accepting digital payments from customers if you have an online presence. These gateways act as a secure bridge between the customer and the bank. One can make payments via their credit card, debit card, net banking, or UPI ID with the help of the payment gateway. 

IndusInd Bank offers comprehensive payment gateway solutions to ensure smooth online transactions for businesses of all sizes.

5. Mobile Wallets

Mobile wallets are gaining traction as reliable digital payment options nowadays. These wallets allow users to store funds and make payments through UPI or mobile numbers. Whether you want to accept transfers from vendors or electronic bill payments from customers, these wallets allow you to do so without a card or cash.

6. Contactless Payments (Tap-and-Go)

Also known as ‘Tap-and-Go’, this method allows customers to make purchases by simply tapping their credit or debit cards on a compatible payment terminal. This method uses NFC (Near Field Communication) technology to complete transactions in seconds. It can lead to faster checkouts and improved customer satisfaction. This is especially relevant during peak hours. 

If you are looking for a current account that allows you to integrate the best ofdigital payment methods, then look no further than IndusInd Bank’s range of current accounts. 

Also Read: How to Link My Online Current Account with Google Pay?

Why Choose IndusInd Bank for Digital Payment Solutions?

Here’s why IndusInd Bank is the right choice to give a digital boost to your business:

• Comprehensive digital payment solutions like POS devices, QR code payments, and payment gateways. 

• Designed to cater to businesses of all types and sizes, whether you run a retail shop, an e-commerce platform, or provide professional services.

• An easy-to-use interface and digital onboarding process; you can open a current account online and access these services right away.

• Offers unique solutions like the Soundbox, which audibly confirms payments; you can stay on top of your payments and reduce manual tracking.

Conclusion

Switching to digital payments is no longer optional for businesses. It is a must if you want to stay ahead of the curve in today’s cashless world.

With IndusInd Bank’s digital payment options, like POS terminals, QR codes, and payment gateways, businesses can offer safe and easy payment solutions for customers. Enhance your business with IndusInd Bank’s digital payment solutions. Open a current account today! 

Disclaimer: The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.

The Indian real estate sector has seen a transformative shift since RERA’s implementation. But, what is RERA?

The Real Estate (Regulation and Development) Act, 2016 is commonly referred to as RERA. This significant legislation was introduced to inject transparency, accountability, and efficiency into the real estate market. It is crucial for developers, buyers, and investors to understand RERA and adhere to its compliance requirements is crucial. A central part of this compliance involves managing finances through RERA current accounts. In this article, we explore what RERA entails, the importance of compliance, and the critical role current accounts play.

Why Was RERA Introduced?

The Indian government introduced RERA to safeguard homebuyers’ interests and promote fair practices in real estate transactions. Prior to RERA, delays, lack of transparency, and poor financial management plagued the real estate market. RERA addresses these issues by mandating the registration of real estate projects and agents. Developers must submit detailed project information and regular updates to a state-level RERA authority. This ensures that buyers have access to accurate and reliable information.

One of RERA’s key provisions is the stipulation that developers must comply with strict norms, such as maintaining a separate bank account for each project. This measure prevents the diversion of funds, ensuring that money collected from homebuyers is used for the respective project only. This requirement is crucial for safeguarding buyers’ investments and enhancing their trust in the market.

The Importance of RERA Compliance

Compliance with RERA is not just a legal obligation, but a strategic necessity for developers. It helps them maintain credibility and avoid potential legal complications. Non-compliance can lead to severe penalties, project delays, and loss of reputation. Therefore, understanding and adhering to RERA guidelines is essential for long-term success.

A fundamental requirement under RERA is the management of project finances through a designated current account, commonly referred to as the RERA current account. This account is for depositing 70% of the funds collected from buyers. These funds should be used solely for land and construction costs. This financial discipline ensures the timely completion of projects, avoiding delays and fostering trust among buyers.

Benefits of RERA Current Accounts

Opening a current account specifically for RERA compliance offers several advantages for developers:

1. Enhanced Transparency: A dedicated current account ensures that all transactions related to a project are documented and traceable. This fosters transparency in financial dealings, allowing developers and buyers to have a clear understanding of how funds are being utilised.
   
2. Effective Fund Management: By maintaining a RERA current account, developers can efficiently manage project funds, ensuring that they are utilised appropriately and in compliance with RERA guidelines. This financial discipline helps avoid unnecessary expenses and ensures optimal resource allocation.
   
3. Building Trust: Adhering to RERA regulations through a well-managed current account enhances trust among buyers. When buyers are assured that their investments are being used as promised, it builds confidence and encourages more people to invest in real estate.
   
4. Simplified Auditing: Having a separate account for each project simplifies the auditing process. Regulatory authorities can easily verify compliance, reducing the risk of discrepancies and ensuring that developers are adhering to all legal requirements.

IndusInd Bank’s Current Accounts for RERA Compliance

IndusInd Bank offers a range of current account solutions tailored to meet the specific needs of real estate developers, ensuring seamless RERA compliance. With its robust banking infrastructure and customer-centric approach, IndusInd Bank is well-equipped to support developers in managing their project funds efficiently.

Features of IndusInd Bank’s Current Accounts:

1.      Simple Account Opening Experience:

IndusInd Bank offers a seamless account setup process, allowing you to select a memorable account number. The bank’s fully digital approach simplifies the opening of new accounts, including those for current account documentation.

2.      Adaptable Cash Deposit Limits:

Enjoy flexible cash deposit limits with IndusInd Bank’s Current Accounts. For example, the Indus Inspire Current Account permits up to ₹3 lakhs in free cash deposits each month.

3.      Diverse Account Choices:

Choose from a range of accounts like the Indus One Business Account, Indus Max Account, or Indus Tarakki Account, each tailored to meet distinct business needs.

Also Read: Check Out the Benefits of Current Accounts

Conclusion

RERA has significantly reshaped the landscape of the real estate sector in India, introducing essential transparency and accountability. For developers, understanding and adhering to RERA compliance is not just a regulatory requirement, but a strategic advantage. Managing project funds via a RERA current account is a critical component of this compliance, ensuring financial discipline and trust-building.

IndusInd Bank, with its specialised current account solutions, is an ideal partner for developers seeking to navigate the complexities of RERA compliance. As the real estate sector continues to evolve, aligning with trusted banking partners like IndusInd Bank can help developers build trust with their buyers and achieve long-term success in the market.

Open a current account with IndusInd Bank today!

Disclaimer:
The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.

India has been experiencing a fintech (financial technology) revolution for the last few years. Amongst other things, this revolution has made banking more accessible, secure, and convenient. While this is indeed beneficial for individuals, businesses with current accounts also stand to gain a lot by optimising fintech features. 

Current accounts were once known for long processes and paperwork. However, they are now being enhanced with real-time processing, digital payments, and innovative banking features. Let’s explore how the fintech revolution is changing the current account experience, and what businesses can gain from it. 

How is Emerging Fintech Changing the Current Account Experience?

Here are the key ways in which this fintech revolution is improving the banking experience:

1. Online Account Opening

One of the major changes brought about by this transforming technology is the ability to open a current account online. 

Previously, opening a current account meant you had to undergo a lengthy process. It would require physical visits to the bank, signatures, and submitting hard copies of documents. Now, with fintech, one can open accounts digitally, often within minutes. One can submit the current account documentation online and primarily shorten the process. 

2. Digital Banking Features

Thanks to fintech, current account holders can now enjoy a wide range of digital banking features. One can now enjoy real-time access to account balances, instant fund transfers, digital invoicing, and even automated bill payments.

Banks also offer user-friendly mobile apps that allow customers to manage their accounts on the go. This gives you 24/7 accessibility and makes it easier to stay updated.

3. Real-Time Transaction Processing

Waiting for transactions to clear can seem challenging. The fintech revolution has also brought real-time processing to the fore. Instant fund transfers mean that current account holders can transfer balances, make payments, and receive deposits right away. This speeds up the overall banking process and provides businesses with better cash flow management.

 4. Digital Payment Solutions

Fintech has also paved the way for innovative digital payment solutions. These can integrate with your current account to make receiving payments easier.

For instance, IndusInd Bank offers digital tools such as POS devices, QR codes, Soundbox, and Payment Gateway solutions with their current accounts. This allows businesses to accept cashless payments from vendors, partners, and customers. 

5. Wider Customer Reach and Accessibility

Thanks to transforming technology, banking services are no longer limited to physical branches. Current accounts can now be accessed by anyone, anywhere. This has expanded the reach of banking services to rural and underserved populations as well. Businesses and individuals, even in remote areas, can manage their finances without the need to visit a bank.

6. Security Measures Designed for the Digital World

While the fintech revolution has its benefits, it has brought a new set of security risks, such as hacking. To combat such risks, fintech has also developed advanced security measures. This includes biometric authentication, multi-factor verification, and encryption, amongst others. Such security measures help in keeping customers’ money and personal information safe from online threats.

7. Personalised Tracking and Insights

Thanks to digital banking, current account holders can now receive detailed reports on their finances. This can allow them to gain insights into their spending patterns, income, and financial health to make informed decisions about their finances.

IndusInd Bank is at the forefront of these transformations – our current account variants come with a host of fintech-approved features. 

IndusInd Bank Current Accounts: Traditional Banking Meets Modern Features

IndusInd Bank’s current accounts combine the familiarity of traditional banking with the modern conveniences brought by the fintech revolution. 

Here are some of the standout features:

• Current Accounts for Every Business Type

Whether you are a retailer or an MSME, a large-scale organisation or a start-up firm, IndusInd Bank has a current account tailored to your needs. 

•  Digital Account Management

With IndusInd Bank’s online platforms, customers can access their current accounts anytime, anywhere. This includes real-time transaction monitoring, fund transfers, and digital payment solutions.

•  Easy Online Account Opening

With IndusInd Bank, you can open a current account online in minutes and make your financial transactions easy without lengthy paperwork.

Also Read: How to Digitally Order POS, SoundBox, QR Code, Paper Roll, etc., for Your Business?

Conclusion

The fintech revolution has changed – and continues to change – how we use current accounts by making banking faster, easier, and more secure. From digital payments to personalised financial insights, modern banking is much more advanced than it was a few years ago.

IndusInd Bank is leading this change by offering current accounts that combine traditional banking with the latest digital features. Open a current account with IndusInd Bank today to enjoy the benefits of fast, secure, and convenient digital banking, customised for your business needs.

Disclaimer:The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.