Mastercard and Gramophone announced a partnership to transform the agricultural landscape for smallholder farmers in India. The collaboration was announced at the Global Fintech Fest 2024, which promises to deliver essential agricultural inputs and financial services to two million farmers using the Mastercard Community Pass platform.
This initiative will benefit farmers in rural and remote areas by providing them with seamless access to offline payments and credit facilities. The Mastercard Community Pass is designed to operate even in areas with limited connectivity and inconsistent power supply. By leveraging this technology, the partnership addresses a critical gap in the agricultural supply chain, allowing farmers to obtain essential resources and secure financing without needing constant internet access or modern digital devices.
Gramophone will also expand the reach to its existing five lakh farmers, enhancing their access to offline payments and credit. This effort aligns with the Government of India’s vision to digitize the agriculture sector and supports smallholder farmers in overcoming barriers to financial and agricultural resources.
“In line with the Government of India’s vision to digitize the agriculture sector, Mastercard has been working to bring key stakeholders in the agro ecosystem onto one platform to ease credit and input access for farmers and enhance their incomes. This collaboration with Gramophone will ensure that farmers can access quality inputs of their choice, on easy credit terms, as well as the benefits of digital payments even without internet connectivity or smartphone availability.”
The Community Pass infrastructure is designed to provide an inclusive and secure digital solution for remote communities. By offering a unique bio-metric identifier, a comprehensive wallet service, and a point-of-interaction (POI) device for offline transactions, the platform addresses the challenges faced by below service areas. This will enhances the financial stability and productivity of farmers.
The Mastercard-Gramophone partnership marks a significant step toward driving sustainable and scalable social impact in India’s agricultural sector. By bridging the gap between remote farmers and essential resources, the initiative is set to uplift farmers and contribute to a more inclusive and resilient agricultural economy.
