Mastercard collaborates with Gramophone to provide agri inputs and credit to farmers

Mastercard has announced a strategic collaboration with Gramophone, a prominent agritech platform, to enhance financial inclusion and access to agricultural inputs for smallholder farmers across India. The partnership will enable 2 million farmers to utilize the Mastercard Community Pass platform, providing them with essential agri inputs and facilitating offline payments in rural and remote areas.

The initiative aims to power offline transactions through the Community Pass financial inclusion card, a critical tool for farmers who often face challenges accessing digital payment systems. Gramophone, which currently serves 500,000 farmers, will also leverage this collaboration to extend offline payment capabilities and credit facilities to its user base.

The Community Pass platform creates a comprehensive digital ecosystem connecting buyers with sustainable sources of quality produce and favorable market prices, while offering smallholder farmers reliable markets, fair pricing, and access to credit. This centralized agricultural marketplace integrates various stakeholders, amplifying its positive impact on farming communities. The platform includes offline payment cards and input credit services, set to be rolled out in the coming months.

The collaboration will begin with the rollout of inputs and offline payments later this year, with access to credit scheduled to launch early next year. Additionally, Gramophone plans to introduce innovative loyalty and cash-back schemes for its members through the offline-enabled card, further supporting the financial health of farmers. The partnership also aims to provide easier access to working capital for farmer producer organizations and small retailers.

Ricardo Pareja, Head of Community Pass Markets at Mastercard, emphasized the alignment with the Government of India’s vision to digitize the agriculture sector. “This collaboration with Gramophone will ensure that farmers can access quality inputs, benefit from easy credit terms, and utilize digital payments even without internet connectivity or smartphones,” Pareja stated.

Tauseef Khan, Co-founder of Gramophone, highlighted the benefits of the partnership: “Our in-house technology platform has already been enhancing agronomy advisory and product quality. With Mastercard’s advanced technology and network, we are excited to further support Indian farmers. Starting with a pilot in Madhya Pradesh, our goal is to increase farmers' incomes by 50-60% through improved access to inputs and credit.”

Mastercard Community Pass, which has already benefited over 2 million farmers in 25 districts across eight states in India, continues to expand its reach and impact, bringing vital resources and opportunities to rural populations.