Stellapps’ mooPay is a payment gateway for dairies
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, completely removing the risks and costs of transferring money to lakh of farmers in hundreds of villages.
Launched on Jan. 14, the 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. This initiative will initially cover 900 villages in three states and will directly benefit 20,000 farmers and later, it will cover 5,000 villages – benefiting 100,000 farmers.
Rahul Mallick, CEO – Fintech and Value Added Services Stellapps, said finanical inclusion of farmers will be crucial to boosting farmer income. He explained it will enable direct digital payments to farmer bank accounts and help improve financial inclusion and economic empowerment of farmers, as well as facilitate 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.”
The 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. It will automatically fetch milk payment data from the IoT devices deployed at every village-level milk collection centres which capture the milk pouring of every farmer.
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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.
Stellapps is a farm to consumer dairy digitization service provider, improving productivity, quality and ensuring end-to-end traceability across the dairy supply chain. It leverages advanced analytics and artificial intelligence through its full-stack IoT platform to enable dairy ecosystem partnerships with financial and insurance institutions, veterinary services, cattle nutrition providers etc. to drive significant value for smallholder farmers and all stakeholders in the dairy value chain.
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