The Rubber Board has introduced the updated version of mRube, the electronic market for rubber, which went live for trading in July 2022.
Binoi Kurian, Deputy Director, Marketing, said the new version enables users to sign OTP-based trade contracts, so that the trade process can be completed on the mobile phone. The Board has been making rigorous efforts to promote the app across the entire value chain and sensitise users on on-boarding the newly launched e-market.
In less than 50 trading days, mRube has traded more than 500 tonnes in this lean production period. Users have recognised it as an alternative market system for rubber in India, he said adding that around 1,000 registered users of Rubber Producer Societies, Rubber Co-operative Societies and Rubber Board promoted companies, dealers, processors and manufacturers, have so far joined.
The new version of mRube for iOS and Android can be downloaded from the web portal www.mrube.in.
The simplified version allows users to trade without the support of computers. The Board used digitally signed contracts in the initial phase, which required software to be installed in computers. The new simplified version has done away with the signer-based contract and an OTP-based system has been implemented , he said.
The electronic trading platform is likely to complement the existing trade system by bringing in more transparency and market visibility. mRube’ attempts to figure out certain impending issues in the current rubber marketing system.
Despite being used in the manufacture of products of critical importance such as automobile tyres and tubes, surgical and pharmaceutical products, there is no arrangement to certify the quality of rubber traded in the country. The Board has incorporated a quality assaying system in mRube, which will be a game changer in the domestic NR trade.
Besides this, the Rubber Board has joined hands with Federal Bank and ICICI Bank for operating the payment gateway and escrow account, which will nullify the payment risk of buyers and sellers involved in trade.
To uphold grower interest in cultivation, efforts are on to build systems which offer growers the maximum price and minimise pilferage in terms of commissions, cess, margins and other marketing expenses. The electronic market is expected to strengthen the existing supply-chain by integrating the upstream and downstream segments in the rubber trade.