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FinTech is Used to Create an Digital Esystem

Everyone was affected by the coronavirus. This was true regardless if you were shopping, traveling, or retail. India’s high death and sickness rates forced the governments of India to lock down the country just before harvest season.

Digital Esystem can be used to create an inclusive digital ecosystem for the farmers of India.

Soon after the ban was imposed, the government declared that agriculture was an essential sector and would be able to continue providing supplies during the pandemic. Many farmers who had high-value commodities could not afford to stop using their products for manure due to a drop in demand. India’s farmer population, known as the “backbone,” was facing many challenges every day. The international logistics chain highlighted India’s need for new initiatives in its agricultural sector.

Modern problems require a physical solution.

Experts wanted the marketplace to be more user-friendly and also build a better market. This created a world-class marketplace with face-to-face meetings and a better online marketplace. The local representatives from each region ensured constant guidance and communication and a consistent guideline for the field. This allowed farmers to trade more efficiently, allowing them higher sales prices.

Financing for Farmers

Modern farming, and particularly modern farming, require financial resources in order to run. Unfortunately, many small-scale farmers have had difficulty accessing the financial resources they need for the longest period of time. A number of middlemen created hoops that made funding difficult for farmers.

Thanks to FinTech, FinTech startups now make it easy to obtain loans for agriculture and other funding. generally makes it easier to access financing for both small-scale and large-scale farmers.

Direct Access to Market

Digital Esystem¬†is a revolution that is impacting nearly all industries in different ways. Agriculture is one such example. Farmers, who were smallholders for many years, relied heavily on intermediaries to market their products. Because of this, farmers don’t get what they deserve for the work they do and the time they put in.

FinTech has been a major change in the lives of farmers. They can access the market via their smartphones or computers and receive payments through the same platforms. FinTech is bridging the gap between farmers and retailers.

Improved Payment Models & Systems

FinTech startups really pay attention to the payment systems and models that are most beneficial to farmers. Payment issues is one of the main problems that smallholder farmers encounter, especially in rural areas.

FinTech has facilitated ongoing payments for farmers who have specific equipment or tools.

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