UPI, OCEN, ONDC opening minefield of opportunities: ASSOCHAM-PWC paper

Digital transformation built on the foundational blocks like Unified Payments Interface (UPI), secure data and open networks, including Open Credit Enablement Network (OCEN) and Open Network for Digital Commerce (ONDC), is opening “a minefield of opportunities” for the country’s banking and financial architecture, a comprehensive knowledge paper by ASSOCHAM and PwC said on Tuesday.

The paper titled ‘Embedded financial services in India’ suggested that a pre-approved BNPL (Buy Now Pay Later) instrument, travel insurance at a boarding pass printing kiosk, auto-routing of cashback for micro-investment and seamless credit to pay for hospital expenses are amongst a host of embedded financial services that may be rolled out by neo banking business models, riding on this robust infrastructure.