Mastercard has joined forces with agritech platform Gramophone to provide agricultural inputs and credit to 2 million smallholder farmers across India. This initiative, facilitated through the Mastercard Community Pass platform, aims to deliver essential resources and tools to farmers, particularly in rural and remote areas.
A key highlight of this collaboration is the introduction of offline payment facilities through the Community Pass financial inclusion card. Gramophone also plans to extend these offline payment options and credit facilities to its existing 500,000 farmers, making it easier for them to access the necessary resources.
The Community Pass platform offers a comprehensive digital ecosystem that connects smallholder farmers with buyers seeking sustainable, high-quality produce. It also facilitates supply chain financing, creating a centralized marketplace that benefits all stakeholders in the agricultural sector. The platform is set to launch an offline payment card and input credit features in the coming months.
This collaboration guarantees that farmers will have access to essential inputs at reasonable prices. The rollout is scheduled to begin later this year, focusing initially on inputs and offline payment methods, with credit facilities becoming accessible early next year. Additionally, Gramophone intends to launch innovative loyalty and cash-back programs for its users through the offline-enabled card. The partnership also seeks to simplify access to working capital for farmer producer organizations and small retailers, enabling them to expand their operations and boost input sales," Mastercard announced in a press release.
Aligned with the Indian government's initiative to digitize the agricultural sector, Mastercard has been actively working to unite key participants in the agricultural ecosystem on a unified platform. "This partnership with Gramophone will allow farmers to secure high-quality inputs on favorable credit terms and take advantage of digital payment systems, even in areas without internet access or smartphones," said Ricardo Pareja, Head of Community Pass Markets at Mastercard.
Gramophone's Vision: Expressing enthusiasm for the partnership, Gramophone Co-founder Tauseef Khan said, "At Gramophone, we have consistently delivered high-quality agronomy advice and products through our in-house technology platform enabling Input Commerce. Now, we are excited to integrate Mastercard’s advanced technology stack and partner networks to further enhance India’s agricultural ecosystem. Starting with a pilot project in Madhya Pradesh, we aim to increase farmers' incomes by 50-60 percent through access to inputs and credit."
Impact of Mastercard Community Pass: According to Mastercard, the Community Pass, a shared and interoperable digital infrastructure for rural populations, has already benefited over 2 million Indian farmers across 25 districts in 8 states.
