On October 15, 2020 Stellapps, an IIT(Indian Institute of Technology) Madras incubated dairy-tech startup and World Economic Forum(WEF)’s technology pioneer launched ‘mooPay’ in Bhilwara district of Rajasthan. The first-of-its-kind fully automated direct payment platform is for dairy farmers in Rajasthan. This platform is one of the Fintech solutions developed by Stellapps for dairy and dairy farmers.
- mooPay also enables delivery of cattle loans, livestock insurance and innovative fintech solutions like sachet loans and milk receivable financing.
The launch was made in the presence of Bhilwara Dairy Union (Saras Dairy) Chairman, Ramlal Jat, LK Jain, Advisor to the Union, and Asha Sharma, MD of the Dairy.
Gist about mooPay
i.Moopay removes the risk and costs of transferring money as it acts as a payment gateway for dairies to make payments to every registered farmer.
ii.As the payment is directly deposited in the bank account of the farmers, it helps them to enhance their savings & help to achieve the vision of the government to double the income of the farmers by 2022.
iii.It will fetch milk payment data automatically from the IoT(Internet of things) devices.
iv.Display units have been installed at the diary centres by the company. It displays the quality, quantity and price of the milk of individual farmers and incentivise production of quality milk.
v.The company has also set up customer service points at the centres, where farmers can show their Aadhaar card and withdraw the money from their accounts. This makes the transaction easier for the farmers.
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Chief Executive Officer(CEO)– Ranjith Mukundan
HeadQuarters– Bangalore, Karnataka