PayU paves way for carbon neutrality in the fintech industry

In an industry-first initiative, PayU, India’s leading online payment solutions provider, is embarking on an industry-leading endeavour to empower Indian consumers in the battle against climate change. This pioneering effort, undertaken in partnership with the Australian cleantech startup FootprintLab, will empower customers to actively contribute to a greener future as they engage in their routine online transactions.

As an integral component of PayU’s checkout process, users will now have the opportunity to effortlessly engage in a one-step carbon offset. The potential implications of this step are awe-inspiring, as this initiative is anticipated to counterbalance a remarkable 16.15 lakh tonnes of carbon emissions each year. This amount is equivalent to the annual emissions from fossil fuels in a small nation such as Fiji. This not only underscores PayU’s unwavering commitment to innovation but also provides a potent instrument for its extensive network of over 5 lakh merchant partners to demonstrate their dedication to sustainability.

Vineet Sethi, SVP – Diversified Financial Services at PayU India said, “Climate and other ESG impacts are driven by our consumption behaviour, yet we often lack guidance to inform our purchase decisions on easy ways to take climate action. By integrating ESG data into everyday financial transactions, we are focused on addressing these gaps and streamlining the process. This reflects our commitment to sustainability and responsible financial practises. It also aligns with the Indian government’s vision to foster a responsible financial ecosystem focused on inclusivity and sustainability.”

“Fintechs like PayU are ideally placed to become GreenTechs since they have extraordinary insights into consumption patterns. When that data is enriched with ESG information, it becomes easy to calculate carbon footprints and contribute to the burgeoning carbon offset market in India,” Janet Salem, Co-Founder – FootprintLab added.

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