Protean is the technology service provider that powers the entire network on which the ONDC ecosystem sits. This is just like UPI (Unified Payment Interface) being run by NPCI that enables the digital payments in the country.
At present, Protean provides the registry and gateway services to enable ONDC transactions for which it gets directly compensated by ONDC as a market institution. However, in the future, it could very well become a market participant compensated model just like the UPI. That’s because, by design, the government invests and creates the digital infrastructure and then the network participants pay for it on per transaction basis.
Another revenue opportunity from ONDC can be more on the lines of the SaaS model where Protean could be providing buyer and seller technology. The ONDC adoption and penetration is fast growing in the country and hence the revenue opportunity from it can be non-linear.
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