January 12

Mastercard’s Farmpass Reaches One Million Smallholders in India

Mastercard today announced that it has reached the milestone of benefiting over one million smallholder farmers in India through Farm Pass, its scalable rural and agriculture digitization solution.

Leveraging Farm Pass, Mastercard processed agricultural produce sales worth nearly INR 180 crores in 2022. Working with Lawrencedale Agro Processing India (LEAF) and BASIX Social Enterprise Group, the payments technology firm has now set a target of covering 10 million farmers by 2025.

Since 2020, Mastercard, LEAF and BASIX have partnered to improve digital access and financial inclusion for farmers in four Indian states: Maharashtra, Karnataka, Andhra Pradesh, and Tamil Nadu. With its rich experience and expertise in digital and payments technology as well as agritech, in 2023, Mastercard will extend its Farm Pass solution to five more states including Himachal Pradesh, Assam, Odisha, Telangana, and West Bengal.

Photo courtesy of WBK Photography.

Source: FinExtra (link opens in a new window)

Agriculture, Social Enterprise, Technology
agtech, digital payments, smallholder farmers, social enterprise