Stellapps, a Bangalore based dairy-tech startup, has joined hands with Airtel Payments Bank to allow cashless payment services to small dairy farmers.
The dairy-tech startup has been working closely with dairies and milk collection centres to enable direct payments to dairy farmers’ bank accounts. The long journey to the nearest ATM or bank branch to withdraw payments, on the other hand, has been a significant challenge for farmers.
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According to a statement, Airtel Payments Bank will now accept Stellapps’ new partner milk collection centres as banking points. Dairy farmers and other residents in the area will no longer have to walk or travel long distances because milk collection centres will also serve as banking locations.
They will be able to open a bank account, withdraw and deposit cash, earn interest on savings, access Aadhaar-enabled payments, obtain government pension schemes, and make bill payments through these banking points.
The centres’ acceptance as banking points will take place in stages. According to the release, both entities hope to provide easy access to formal banking services to over one million small dairy farmers across the country through this collaboration.
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The partner ecosystem has already been tested in Varanasi and Kanpur of Uttar Pradesh and Gwalior in Madhya Pradesh. According to the release, over 120 milk collection centres are now also serving as banking locations.