The Open Network for Digital Commerce (ONDC), the government-backed initiative to democratize e-commerce in India, has launched a corporate gift card to boost sales during the upcoming festive season.
The ONDC Network Gift Card allows cardholders to shop using any ONDC-enabled buyer application like Paytm, Magicpin, etc. giving them a wide range of options to choose from.
The gift card launched by ONDC is powered by RuPay Network and the users can add a maximum balance of Rupees 10,000 to it. Yes Bank and OmniCard became the first two issuers of the card and other banks are also looking forward to offering the card to their customers.
ONDC said the move is aimed at helping sellers on the platform boost customer engagement and increase sales during the festive season. The company expects the gift card to be popular among corporations looking for a convenient and hassle-free way to reward their employees and customers.
How to Purchase The Gift Card?
Consumers can purchase the ONDC Network Gift Card from the websites or mobile apps of participating issuers. The card can then be used to shop on any ONDC-enabled buyer application, including Paytm, Flipkart, and Myntra.
The launch of the ONDC Network Gift Card is a significant development for the Indian e-commerce market.
It is the first time that a corporate gift card has been launched for a pan-India e-commerce network like ONDC. This is expected to give a boost to e-commerce sales during the festive season, which is the busiest time of the year for online retailers.
The gift card is also a boon for consumers, as it gives them a wide range of options to choose from. They can use the card to shop on any ONDC-enabled buyer application, depending on their preferences. This is in contrast to traditional corporate gift cards, which are typically restricted to a specific retailer or platform.
ONDC is gaining popularity in India at a rapid pace. According to a recent report by Redseer, the ONDC network is expected to grow to over 100 million users by 2025.
The report also estimates that the e-commerce market in India is expected to touch $5.5 billion in market size by 2025, up from $700 million now