PayU India's big step towards fintech carbon neutrality

As a part of PayU's checkout experience, users will now be presented with the option to make a one-step carbon offset. The potential impact of this move is promising, with the initiative projected to offset an impressive 16.15L tonnes of carbon emissions annually, the equivalent of annual emissions from fossil fuels for a small country like Fiji.

Officials from PayU India said that climate and other ESG impacts are driven by their consumption behaviour, yet they often lack guidance to inform their purchase decisions on easy ways to take climate action. By integrating ESG data into everyday financial transactions, they are focused on addressing these gaps and streamlining the process. This reflects their commitment to sustainability and responsible financial practices. It also aligns with the Indian government's vision to foster a responsible financial ecosystem focused on inclusivity and sustainability.

FootprintLab’s representatives added that fintechs like PayU are well placed to become greentechs since they have rich insights into consumption patterns. When that data is coupled with ESG information, it becomes easy to calculate carbon footprints and contribute to the burgeoning carbon offset market in India.

In 2020, India stood as the world's third-largest contributor to global carbon dioxide emissions, emitting a staggering 2,442 million metric tons, as reported by the Global Carbon Atlas. This substantial carbon footprint can be primarily attributed to the country's burgeoning population and rapid economic expansion. As India faces a crucial juncture in its battle against climate change, PayU is leading the way by exemplifying fresh and inventive approaches to harness technology as a potent instrument for individuals and industries to reduce their carbon impact. This serves as a prominent example as more businesses transition towards eco-friendly practices.

What does PayU do?

PayU, an Indian payment solutions provider, is regulated under the Reserve Bank of India and has advanced solutions to meet the digital payment needs of the Indian market. PayU India aims to create a full-stack digital financial services platform to serve all (tapped and untapped) financial needs of customers (merchants, banks, and consumers) through technology.

PayU provides payment gateway solutions to online businesses through its cutting-edge technology. It is one of the prominent payment gateways in India and has empowered 500,000+ businesses, including leading enterprises, ecommerce giants, and SMBs. It enables businesses to collect digital payments across 150+ online payment methods such as credit cards, debit cards, net banking, EMIs, BNPL, QR, UPI, wallets, and more. It is a preferred partner in the affordability ecosystem, offering the maximum coverage of issuers and easy-to-implement integrations across card-based EMIs, pay later options, and new-age cardless EMIs. PayU offers merchants increased success rates while ensuring a seamless checkout experience.