BASIX values Mastercar’s global powerhouse payment technology
Mastercard is to improve the lives of over 10 lakh (one million) Maharashtra farmers, including the new cohort of 200 Farmer Producer Organizations (FPO) being promoted under SMART Project in India.
Mastercard has signed a partnership with BASIX to digitize the rural ecosystem in Maharashtra in line with the Indian Government’s digital vision.
BASIX Social Enterprise Group has launched BASIX Farmers’ Market (BFM), an agritech platform, in partnership with Mastercard.
BFM will leverage Mastercard’s technology capabilities, and BASIX’s deep industry expertise in agriculture to improve the lives of small and marginal farmers.
This will be done by addressing the fundamental challenges related to price discovery, market reach, payments and credit access.
“Mastercard collaborates with partners like BASIX to develop products and solutions that uplift underserved communities, bringing them into the digital economy,” said Himanshu Bansal, Vice President, Digital and Financial Inclusion, Mastercard Community Pass.
“Through BFM, multiple stakeholders in the agricultural ecosystem will be connected, empowering farmers in a commercially sustainable way by helping them to find new buyers, access credit and improve their livelihoods,” he said on 24 Aug 2022.
The launch of BASIX Farmers’ Market is an extension 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.
It is a digital ecosystem platform that works offline to connect buyers, FPOs and other agriculture ecosystem players with farmers, and enable them to get the best value for their produce.
The BFM platform serves as an opportunity for banks, financial institutions, FPOs, and NGOs to create a white labeled commercially sustainable agri-ecosystem by digitizing the value chains. In the process, they become lifetime partners with smallholder farmers, and leverage Mastercard technology to provide them financial solutions that were earlier not feasible.
“Sub-K, a BASIX promoted fintech, is already leading the way on fintech innovations in the financial inclusion space, and I am proud that both BASIX and Sub-K are coming together in this endeavor.”
“We are very excited to launch BFM in partnership with Mastercard. BASIX group has been at the forefront of the FPO revolution in India and pioneered various aspects of agri value chains, including design and delivery of agri-finance at scale,” he said.
Sub-K will facilitate credit and other financial linkages for working capital, trade finance and the investment needs of farmers and FPOs registered on BFM. Sub-K will rely on the data generated on BFM to analyze credit requirements and associated risks using proprietary rule engines, and then package financing options in partnership with financial institutions. fiinews.com
