Microsoft’s mission is to empower every individual and organization to achieve more. That includes providing solutions for today’s challenges as well as tomorrow’s opportunities. To that end, we have several initiatives focused on the future of commerce. One example is our partnership with Visa, where we are working together to create integrated digital experiences across payment networks, devices and applications. Another is our focus on making it easier for developers to build amazing new apps that benefit consumers and businesses alike. Today, we are announcing Microsoft will become the first company to join the Open Network of Digital Commerce (ONDC), an ecosystem that connects companies interested in building secure, interoperable software solutions with partners who understand the nuances of transactions and compliance within an ecosystem. The vision behind ONDC is simple: An open network of digital commerce companies working together to build tools and standards that enhance consumer experiences while reducing risk and cost for merchants who use them. As a member of this community, Microsoft will help drive the adoption of its standards by initiating pilot projects with select industry partners beginning in Q4 2018, which will ultimately accelerate adoption across the network by accelerating innovation and adoption cycles for key components such as payment channels and digital wallets.
Microsoft’s Commitment to Digital Commerce
We’re excited to announce that Microsoft will join the Open Network of Digital Commerce (ONDC), an ecosystem that connects companies interested in building secure, interoperable software solutions with partners who understand the nuances of transactions and compliance within an ecosystem. This is a key moment for the digital commerce industry, as it continues to expand with mobile commerce and the growing acceptance of cryptocurrency. The proliferation of connected devices, artificial intelligence, and blockchain technology will create a growing demand for digital services. By working together within ONDC, businesses and partners can build solutions that best serve this newly connected world. Xbox and Windows are also key players in digital commerce. Microsoft sees a compelling opportunity to partner with digital commerce companies to help these businesses reach consumers with their apps and services, as well as to better manage their business risk and costs. This partnership with ONDC is a natural extension of our commitment to empowering every person and organization with technology that helps create a better, more connected world.
Pilot Projects as an Android Developer Partner
Microsoft is the first company to join the Open Network of Digital Commerce (ONDC), an ecosystem that connects companies interested in building secure, interoperable software solutions with partners who understand the nuances of transactions and compliance within an ecosystem. As a pilot project, Microsoft will work with select partners to help them build their pilot projects, which will ultimately accelerate adoption across the network by accelerating innovation and adoption cycles for key components such as payment channels and digital wallets. Microsoft’s primary focus will be to help these pilot partners build solutions with Android, one of the most widely used platforms for connected devices.
Microsoft and Visa Team Up on Standards and Innovation
Microsoft is working with Visa to jointly develop a set of open standards that allow partners to build innovative new experiences using blockchain technology. The goal is to expand digital commerce and improve customer experiences, while also reducing costs for merchants. As more businesses migrate their operations online, the proliferation of connected devices and artificial intelligence will create a growing demand for digital services that routinely interact across networks. By working together within ONDC, businesses and partners can build solutions that best serve this newly connected world. Xbox and Windows are also key players in digital commerce.
What Standards Will Be Impacted by ONDC?
The list of standards impacted by ONDC is still evolving. However, according to the organization’s recently published “Key Partners,” the key standards that will be impacted include those for digital identity, payments, and escrow. Digital identity is a key component in ensuring trust among users. The standards for digital identity, if implemented correctly, would help ensure identity protection through the use of blockchain. As for payments, the blockchain is the underlying technology for cryptocurrencies. As more companies and consumers begin to rely on blockchain technology in their daily lives, the standards for blockchain payments could help ensure secure and efficient transactions across multiple platforms.
The Future of Payment Channels with VxPay
We’re excited to announce that Microsoft will be partnering with VxPay, the industry leader in digital payment innovation, to build the future of payment channels. VxPay has created the first open-source, interoperable payment channel solution using blockchain technology. As more companies and consumers begin to rely on blockchain technology in their daily lives, the standards for blockchain payments could help ensure secure and efficient transactions across multiple platforms.
Final Words
The future of digital commerce will be built upon open standards and interoperable technology. We’re excited to join forces with the Open Network of Digital Commerce, as we’re committed to working with partners to help businesses reach consumers with their apps and to better manage business risk and costs. We believe the more people who experience our products and services, the better we’ll all be.
