Payment products for farmers

Reported by: |Updated: May 28, 2020

Airtel Payments Bank has partnered with Mastercard to develop customized products catering to customers across the underbanked sector including farmers, small and medium enterprises and retail customers. The collaboration is expected to bring together Mastercard’s global and local experience in developing advanced financial solutions and Airtel Payments Bank’s strong distribution network to reach the last mile and its large customer base. The collaboration aims at building a digital platform which provides farmers with knowledge about advanced farming techniques and connection to marketplaces, while simultaneously enabling them to receive payments directly in their Airtel Payments Bank account. Combined with 500,000 banking points of Airtel Payments Bank, the platform will provide farmers with access to neighbourhood banking, earnings stability and income growth. This will be a significant move towards building a cashless economy. Both partners will also work together to create customized solutions for millions of small businesses across the country. The 2 entities will also work together to create differentiated card solutions, including solutions for contact less payments via NFC for customers and merchants. Anubrata Biswas, MD and CEO, Airtel Payments Bank, said the 2 institutions will aim to create products that will motivate customers to adapt formal banking behaviour and start opting for digital payments. Porush Singh, division president, South Asia, Mastercard, said the solutions developed following the tie-up will enable farmers to access a larger market base, receive payments easily into their bank accounts, safeguard their money against risks associated with cash and get easy access to credit.