Google (GOOGL), a subsidiary of Alphabet Inc., is in discussions with the Indian government to incorporate its shopping services with ONDC, the country’s open e-commerce network.
Late last month, India released its Open Network for Digital Commerce (ONDC) in an effort to challenge Amazon.com AMZN) and Walmart (WMTdominance )’s in the fast-growing e-commerce business.
According to the government, the Indian e-commerce market would be worth more than $55 billion in net sales value in 2021 and $350 billion by the end of the decade.
The success of Google’s supplier invoices is due to the country’s financial transaction effort, the Unified Payments Interface (TILE) (UPI).
Google’s current retail company functions primarily as an online aggregator of listings and does not provide order fulfilment or shipping as Amazon does.
The ONDC project’s partners, which include Paytm, an Indian finance startup, will display listings from each other’s platforms in search results. The government’s goal is to level the playing field for every seller who wants to offer their products online by lowering the cost of doing business.
However, some industry insiders are concerned about how different sellers’ listings would be prioritised.
ONDC has a lot of potentials, according to the CEO of financial technology firm Arbo Works, who was instrumental in developing Google Pay in India.
Incautious trading ahead of the release of critical U.S. inflation data, European stock markets broadly crept higher Friday, with the U.K. market underperforming.
Even as the crisis in Ukraine threatens to stifle economic growth in the region, European Central Bank President Christine Lagarde pointed to a strengthening of monetary policy in July.
There are fears that the additional spending may cause previous price increases to accelerate, even more, prompting the Bank of England to tighten monetary policy even further. Oil prices stabilized on Friday, lingering around a two-month high, bolstered by expectations of increased demand as the summer driving season begins in the United States.
Alibaba Group Holding Ltd. shares jumped on Friday, with Chinese tech stocks on the rise following the company’s earnings announcement.
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