mooPay is a subsidiary of Stellapps aimed at helping promote financial inclusion and economic empowerment of farmers. The mooPay system enables an automated digital payment solution that helps dairy officials to transfer the milk payments digitally to member farmers directly into their bank accounts. Leveraging the IoT devices deployed by Stellapps at village level that automatically and digitally capture and bring the milk pouring data of every farmer, every day, twice a day to the cloud, the milk payment data is calculated instantly for the farmer and the dairy, and this enables them to quickly reconcile and make payments to farmers into their bank accounts. This system thus ensures that farmers receive 100% of their milk’s worth, digitally into their bank accounts, and with minimum friction ensuring there’s no ‘leakage’ of money.

This treasure trove of primary digital data is then analysed to provide insights into farmer income for the first time in India and help provide innovative and appropriate financial solutions. This simple innovation is thus helping solve one of the major challenges plaguing financial inclusion programmes in rural India- lack of income data to track affordability and thus access to formal financial institutions.

Using the historical data of the quality and quantity of milk that farmers pour, mooPay has created an alternate creditworthiness score, called mooScore, in consultation with Equifax. This allows us to better predict the probability of default and thus enable access to numerous credit products that are exclusively designed for dairy farmers who do not otherwise qualify for the traditional loan products available in the market.

One of the biggest reasons why farmers in rural India have not been able to access financial services has been lack of access to banks. mooPay solves this problem by providing all the financial services at the doorstep of the farmers. It also provides agent banking facilities at the local milk collection centres, where the farmers can open a new bank account, deposit or withdraw cash from their bank accounts, transfer money to someone else, receive government benefits, and access many other banking services. mooPay has already on-boarded some of the leading banks of India as partners in this journey.
The mooPay platform has made direct farmer payments worth more than INR 1,000 Mn and disbursed more than 3,200 loans worth over INR 42 Mn.