mooPay FinTech solution will impact 20,000 farmers
NEW DELHI, 18 February 2021: VRS Foods Ltd., one of the leading dairies in India with end to end focus on Farmers and Customers and market preferred dairy products under the brand of Paras, has collaborated with a tech startup, Stellapps for their first of its kind fully automated user friendly Digital Direct Farmers Payment Application "mooPay" in two different milk shed zones of VRS Foods Ltd. - Kanpur Dehat District of Uttar Pradesh, and Malanpur district of Madhya Pradesh in the presence of the Managing Director/Director – Operation(s), Narender Nagar, under whose visionary leadership this project has been executed.
Going ahead with Values created by Ch Ved Ram and Sons, the great visionary and founder promoter of company, with the vision of its value added embedded fintech services program for dairies and dairy farmers, and stepping on the platform paved by Modi Govt. with a commitment to enhance farmer's income through improvisation in Farmer Input services.
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 farmer to increase his income. This new effort will give us new energy to give farmer 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."
Stellapps' Direct Farmer Payment fintech solution mooPay, the service provider to VRS Foods Ltd in three states – Uttar Pradesh, Madhya Pradesh and Maharashtra, 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 thousands 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 company 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.
Rahul Mallick, CEO-FinTech & Value Added Services, Stellapps, "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."
Stellapps mooPay system enables an automated digital payment solution which 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 Solar/Green Energy supported Automated milk collection Units/centers which capture the real time milk pouring of every farmer in Both shifts during Milking Operations in Villages.