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Business News/ News / Ahead ONDC rollout, PayNearby launches meta commerce platform: How it works

Ahead of the national rollout of the Open Network for Digital Commerce (ONDC), leading branchless banking and digital network PayNearby has launched a meta commerce platform to enable easy availability of goods and services in an assisted mode at the last mile. The meta platform will soon be integrated with ONDC and PayNearby aims to upgrade every retailer in its network with the initiative.

Within hours of the launch, the company shared that more than 6000 retailers upgraded their accounts into the mall. More than 100 retailers placed over 250 orders. The most popular categories included mobile phones and accessories, home appliances, groceries and textiles while many searched for two wheelers, according to a statement by PayNearBy.

Also Read: ONDC an immediate threat to Zomato? Here's what brokerage firm Motilal Oswal says

It seeks to empower retailers and sellers, from big merchants to local sellers as well as small businesses meet the demand of their customers, both locally and across a wider national market. The platform will help retailers expand their scope, run a more profitable business with no additional working capital and use technology to make all forms of services available at the last mile.

For customers, it seeks to provide a seamless, affordable one-stop-shopping experience where they can walk into their nearest PayNearby store and with the help of the local retailer, discover any seller, product or service at the most optimal price point. It will enable an optimal demand and supply match, which is likely to fuel the growth of local economies, according to PayNearBy.

‘’With this feature, we look to empower local sellers and buyers and give them a user-friendly platform to discover products and sellers, compare prices, and make purchases with ease,'' said Anand Kumar Bajaj, Founder, MD & CEO, PayNearby.

‘'Retailers will no longer be limited by working capital, store size or shelf space. All they would need is their PayNearby/NeoDukaan app to offer worldwide inventory to their customers, supported by 50+ brands/ partners, at the click of a button,'' he added. 

PayNearby Mall comes at a time when the retail industry in India is undergoing a rapid transformation. It is a forerunner to our upcoming ONDC initiative, which will further democratise access to digital commerce for businesses of all sizes, according to Bajaj.

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Updated: 12 May 2023, 04:30 PM IST
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