mooPay system enables an automated digital payment solution that helps the dairy officials to transfer the milk payments digitally to member farmers.
As part of its value added embedded fintech services program for dairies and dairy farmers, the leading dairy-tech startup and World Economic Forum’s technology pioneer ‘Stellapps’ has launched a first of its kind fully automated Digital Direct Farmers Payment product for Private Dairy Sector, called “mooPay” in VRS Foods Ltd , Malanpur district of Madhya Pradesh on 14 January 20201 in the presence of the Honourable Director – Operation, Narender Nagarji , under whose visionary leadership this project has been executed. VRS is one of the leading dairies in India and markets dairy products under the brand of Paras.
Stellapps’ Direct Farmer Payment fintech solution mooPay acts as a payment gateway for dairies to make payments on the click of a single button to every registered farmer in a matter of seconds, completely removing the risks and costs of transferring money to lakh of farmers in hundreds of villages. The mooPay FinTech solution will bring transparency and cost savings due to digitization of the milk value chain and enable financial inclusion of farmers.
It is a big step towards realizing the Stellapps vision of converting milk into a ‘real time’ currency for smallholder farmers, to help them through stressful situations. The initiative will initially cover 900 villages in 3 states and will directly benefit 20000 farmers and later initiative will cover 5000 villages benefiting 100000 farmers.
Stellapps mooPay system enables an automated digital payment solution that helps the dairy officials to transfer the milk payments digitally to member farmers from the dairies existing bank account to that of the farmers saving bank account. mooPay systems will automatically fetch milk payment data from the IoT devices deployed at every village-level milk collection centers which capture the milk pouring of every farmer.
In the milk value chain, transactions predominantly have been in cash and there are no formal records of individual farmers’ income. By capturing the cash flows from the dairy to farmer accounts, mooPay enables better creditworthiness assessment and facilitates lending to farmers. Stellapps’ alternative credit score, mooScore, gives reliable creditworthiness of dairy farmers based on their milk pouring.
Rahul Mallick, CEO – FinTech and Value Added Services, Stellapps said, “Financial Inclusion of farmers will be crucial to boosting farmer income. Enabling direct digital payments to farmer bank accounts not only helps improve financial inclusion and economic empowerment of farmers but also facilitates the design and delivery of innovative data-based farmer beneficiary programmes.”
Narendra Nagar, CMD, VRS Foods said, “Paras for years has been trying to achieve a direct relationship with Farmers. We have invested a lot of capital in making the procurement process transparent and help Dairy farmers to increase their income. This new effort will give us new energy to give farmers and our esteemed customers, a better service. I hope we can make full use of the IoT technology from Stellapps and work in co-operation. This new step will also make us contribute in The Government effort to help farmer increase his income because the technology provides a window to record farmer income and his activities.”
