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Today Date : Friday, July 12, 2024

Mastercard collaborates with M1xchange

Mastercard collaborates with M1xchange

Mastercard announced its collaboration with M1xchange to offer a digital invoice discounting solution to farmers, farmer producer organizations (FPOs), and agri-MSMEs through Farm Pass, its cutting-edge agritech platform. Along with enabling easy access to credit and working capital, the solution will allow farmers and FPOs to directly connect with buyers, negotiate the best price for their produce, and get paid faster. Farm Pass is part of Mastercard’s broader Community Pass platform.
Sundeep Mohindru, CEO, M1xchange, said, “The large network of financiers on M1xchange TReDS will enhance liquidity flow for buyers and sellers on the Farm Pass platform. TReDS offers a unique proposition that discounts invoices raised by FPOs for their end customers based on their credit profile. This makes FPO business scalable as their dependence on credit for working capital financing is removed through invoice discounting.  All FPOs registered on Farm Pass will get instant access to a network of more than 55 banks and NBFCs via M1xchange.”
Vikas Varma, COO, South Asia, Mastercard, said, “To support the Government of India’s efforts at doubling farmers’ income, access to formal credit will act as a catalyst. In collaboration with M1xchange, Mastercard aims to bring together MSMEs, FPOs, traders, and farmers on a single platform to address their working capital and credit needs through an invoice discounting solution, leveraging the secure and consented data on the Farm Pass platform.''