Mastercard, Obopay Join Hands to Launch Financial Inclusion Card for Farmers, Rural Communities

Source: CNBC TV 18

The prepaid card, powered by Mastercard's community pass digital infrastructure, will enable farmers to receive the sale proceeds digitally for their crop and spend their earnings to make on purchases even in remote locations with poor or no connectivity. They would be able to build a transaction history based on their expenditure and income to access customized credit options.

"The prepaid card will work in tandem with the existing Mastercard Farm Pass platform wherein the farmers will be able to receive payments into their prepaid card account, thereby allowing them to use it to transact at local outlets. Farm Pass is part of Mastercard’s broader Community Pass infrastructure," the companies said in a statement.