PayU Paves Green Path with ESG Innovation
PayU, a leading online payment provider in India, rolled out a set of impactful Environmental, Social, and Governance (ESG) initiatives last year.
These initiatives reflect PayU's comprehensive approach to social responsibility and environmental care, positioning the company as a leader in adopting more sustainable business practices.
Priya Cherian, CHRO at PayU, said, "Looking back on 2023, our journey at PayU goes beyond hitting business goals; it's about reshaping how companies contribute to society. From introducing eco-friendly packaging guidelines to empowering people through financial literacy programmes and committing to renewable energy, our ESG initiatives showcase our belief in creating a fair, sustainable, and inclusive world."
She added, "We're more confident than ever to exceed our sustainability goals in 2024."
Among the standout initiatives:
Green Packaging Report Launch
On World Environment Day, PayU, with Prosus, unveiled the 'Scaling Sustainable Packaging' report on June 5th, 2023. Addressing India's waste challenges, the report outlines '10 Golden Rules' for e-commerce platforms to cut packaging waste. PayU's sustainability efforts include using recycled paper products and Green Garbage Bags, saving nearly 2 tonnes of plastic waste yearly.
Financial Literacy Training via Mobile Vans under PMGDISHA
Teaming up with CSC Academy, PayU launched a campaign via mobile vans to digitally educate beneficiaries aged 15 to 60 in rural areas. Focused on SC-ST (reservation), BPL (Below Poverty Line), differently-abled, and women beneficiaries, each vehicle aims to train about 50,000 candidates yearly, promoting secure digital transactions.
DREC Initiative - Climate Finance for Rural Inclusion
PayU adopted the D-RECs mechanism, supporting E-Hands Energy's effort to provide solar solutions to over 920 rural banks in India. This helps in financial inclusion and moving towards a low-carbon environment.
Workshops with U & I
Between June and August, PayU designed workshops with U & I, focusing on continuous learning, fintech careers, and educational counselling.
Employee Volunteering during CSR Quarter
In its CSR quarter (Nov 2023 - Jan 2024), PayU provided volunteering opportunities, including tutoring, life-skills coaching, and youth engagement. This aligns with PayU's goal of mentoring Gen Z and fostering a culture of innovation.
B Corp Certification
PayU started the journey to get the B Corp Certification, benchmarking against ESG parameters set by B Labs. This certification signifies PayU's commitment to high standards of ESG, setting it apart globally among Fintech players.
Adoption of 5 villages under RBI's '75 Digital Villages' Programme
To support the Reserve Bank of India's (RBI) 'Har Payment Digital' mission, PayU adopted five villages in Uttar Pradesh. The yearlong campaign promotes digital payments, aiming to turn these villages into digitally enabled payment hubs, focusing on SC/ST, BPL candidates, differently-abled, and women beneficiaries from rural households.
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