ONDC clocks the first network payment transaction via Nodepay using NBBL.
Nodepay, a one-of-a-kind ONDC-specific payment product, had been launched by Plotch.ai and IDFC First Bank earlier this year. On July 28, 2023, a payment of Rs. 197.74 for a jewellery product was initiated through Nodepay by Craftsvilla buyer app to the Ideamasters seller app which was successfully credited.
This was the first real-time and live payment transaction in ONDC as per RSP framework which makes it an ONDC-First. The transaction was settled using NOCS, the settlement platform developed by NBBL. This further solidifies the leadership of Plotch.ai and IDFC First Bank in ONDC technology and fintech domains respectively.
Nodepay is based on the RSP framework of ONDC. Through Nodepay, a buyer app or seller app can pay to another network participant in ONDC seamlessly through a payment switch. Also, Nodepay will give detailed reconciliation to network participants so that they can validate the payments easily. Later Nodepay will also enable payments to sellers also which will help build trust from smaller merchants and retailers as they will receive payments in almost real time. Nodepay will support payments in multiple domains of ONDC including retail, logistics, fintech and mobility.
On this development, Manoj Gupta, CEO of Plotch.ai, says, "This is an amazing milestone for ONDC, NBBL, Plotch.ai and IDFC First bank as together we have given motion to a payment channel which will define how billions of payments will flow in ONDC network every day. We also want to thank the ONDC, IDFC First Bank and NBBL teams for their efforts in making it live."
“We are very excited about this development and believe that together with Plotch.ai & IDFC First Bank we can enable payments to flow seamlessly between buyer apps and seller apps in the ONDC network. Our settlement platform, NOCS boosts trust in ONDC transactions and we look forward to enabling it further with settlement products curated for ONDC network”, says Noopur Chaturvedi, Chief Executive Officer, NBBL (NPCI Bharat BillPay Ltd).
“Payments is a critical part of any digital public goods rails infrastructure and for ONDC also seamless payments is a critical success factor for scaling transactions in the network. We have empowered network participants to pay each other via ONDC RSP framework which was released earlier this year. Today's development is a culmination of that effort and we are proud of this achievement ”, says Mr Nitin Mishra, Chief Technology Officer, ONDC.
Late last month, Plotch.ai had raised its pre-seed funding led by Antler India,along with participation from Peak XV, Global Founders Capital, and Apoletto.
Plotch.ai expects to offer Nodepay to all buyer and seller apps in ONDC by the end of July 2023. Nodepay will use NBBL as a primary settlement agency for all their node-to-node payments.
About Plotch.ai
Plotch.ai is the largest ONDC rails infrastructure company in India which is helping enterprises to join the ONDC network with an innovative suite of technology products. Plotch's product suite includes a buyer and seller app node solution Nodeapp, node to node payment solution Nodepay, an ONDC-enabled Kirana App and a ONDC enabled CRM solution Nodedesk. Plotch.ai customers include large enterprises like IDFC First Bank and Meesho.
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