ONDC aims to create an inclusive competitive marketplace by enhancing the participation of multifarious entities and bringing them together under one unified platform network. NBBL, with its expertise to run the national platform Bharat BillPay, has developed NOCS to aid ONDC in its mission by offering a population-scale platform to tackle the challenges posed by the increased volume of transactions occurring among different entities on the network.
NOCS will provide reconciliation and settlement services, under the guidance of RBI, for the transactions occurring on the network, assuring a timely flow of payments to network participants. NBBL is also working closely with ONDC to bring other innovations to the ecosystem and launch more value-added solutions for the customers, sellers and network participants in the foreseeable future.
Commenting on the occasion, Ms. Noopur Chaturvedi, CEO, NPCI Bharat BillPay Ltd., said, “At NPCI & NBBL, we take immense pride in our role as drivers of digital payment solutions in the country. Continuing on our legacy, we have launched the NOCS platform which will support ONDC in its pursuit of democratising digital commerce in India. We believe NOCS will reinforce the trust of the stakeholders in the network, empowering merchants to evolve, thereby, elevating communities and stimulating India’s economic growth."
The NOCS platform is integrated with Banks, Tech-Fins, and E-Commerce Players to facilitate seamless flow of payments. The platform is going live soon with the first set of 5 banks on ONDC – AU Small Finance Bank, Axis Bank, HDFC Bank, IDFC First Bank, and Yes Bank.
About NPCI
National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India. NPCI has created a robust payment and settlement infrastructure in the country. It has changed the way payments are made in India through a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC FasTag) and Bharat BillPay.
NPCI is focused on bringing innovations in the retail payment systems through the use of technology and is relentlessly working to transform India into a G7 digital economy. It is facilitating secure payments solutions with nationwide accessibility at minimal cost in furtherance of India’s aspiration to be a fully digital society.
For more information, visit: https://www.npci.org.in/
About NPCI Bharat BillPay Ltd.
NPCI Bharat BillPay Ltd. is a wholly-owned subsidiary of National Payments Corporation of India. It came into effect from April 1, 2021. NBBL operates Bharat BillPay Platform that processes millions of transactions in a month and has more than 20,000 billers present on its platform.
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