You are here: Home » News-IANS » Business-Economy
Business Standard

Mastercard launches digital platform for Andhra farmers

IANS  |  Vijayawada 

The government and on Wednesday introduced e-Rythu, a mobile platform that provides farmers an easy and secure way to buy, sell and receive payments for via their feature phones.

The platform digitizes agriculture marketplaces, payments and workflows. It will help small-scale farmers looking to sell their produce to connect with the right buyers more efficiently in local language and receive the best possible prices.

The platform has been developed by Labs for financial inclusion in and customized for use by team based at Pune, according to a statement by Mastercared.

Due to the small scale and from the places where they sell, most small and medium farmers in suffer income losses. Additionally, since these farmers do not have a formal credit history, it is difficult for them to access any

Ae-Rythu will bring a positive change to the lives of over one million small and medium farmers in by allowing them direct access to markets on the platform, discover the best price of their crops and receive digital payments for what they sell.

The platform also creates a digital transaction history, which allows farmers to receive formal credit from banks and other financial institutions.

"Our partnership with to introduce e-Rythu will make markets more transparent for sellers, buyers and other stakeholders and pave the way for financial inclusion of millions of small and medium farmers," said Chiranjiv Choudhary, of Horticulture, Andhra Pradesh.

--IANS

ms/mr

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, September 12 2018. 19:34 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU