MasterCard partners with Basix to launch agritech platform
- ByStartupStory | August 25, 2022
Mastercard announced a partnership with BASIX Social Enterprise Group to launch BASIX Farmers’ Market (BFM), an agritech platform designed to engage farmers into the digital economy.
According to the company, the digital platform will be utilised to address core difficulties for small farmers such as price discovery, market reach, payments, and finance access by utilising Mastercard technology and BASIX sector experience.
Both firms hope to connect 10 lakh farmers with technology for their advantage through the collaboration, which includes a new cohort of 200 Farmer Produce Organizations (FPO) being promoted under the SMART Project, which is cooperating with the Maharashtra State Rural Livelihood Mission.
Sattaiah Deverakonda, Group Managing Director and Chief Executive Officer of BASIX, said, “The digital platform was established by Sub-K, a BASIX-promoted fintech for financial inclusion. Sub-K will use the data collected by BFM to support credit and other financial linkages for working capital, trade financing, and the investment needs of farmers and FPOs registered on BFM.”
According to Mastercard, the introduction of BASIX Farmers’ Market is an expansion of Mastercard Farm Pass, a rural and agriculture digitization solution that serves more than 3.5 lakh farmers across five states in India and one million farmers globally.
Himanshu Bansal, Vice President, Digital and Financial Inclusion, said, “Through BFM, many stakeholders in the agricultural ecosystem will be connected, empowering farmers in a commercially sustainable way by helping them find new buyers, access loans, and enhance their livelihoods.”
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