PayU Unlocks Climate Finance Potential in India; Partners with Footprint Lab to Empower Consumers to Offset Carbon Emissions
PayU, one of India’s leading financial services providers, has announced the extension of its strategic partnership with Footprint Lab, an Australian Cleantech startup. Together, PayU and Footprint Lab are bringing climate finance directly to the Indian consumers by providing them with an option to offset carbon impact of their daily purchases at payment checkout.
As part of this first-of-its-kind partnership with an Indian payment aggregator, PayU will integrate Footprint Lab’s advanced carbon measurement data into its payment checkout infrastructure. As consumers complete their purchases on PayU’s checkout page, they will be informed of the carbon emissions associated with their transactions.
For the first time, Indian consumers will have an option to offset their carbon impact by making a minuscule additional payment. These additional funds will be directed to a trusted entity, who will purchase carbon credits to execute various sustainable projects across India.
This innovative feature on PayU checkout will be offered as a part of PayU’s latest CommercePro Stack. This versatile product suite is designed to empower D2C merchants to elevate their conversions while controlling costs, in turn driving business efficiency and delivering exponential growth.
Vineet Sethi, Senior Vice President, SMB and Growth Businesses, PayU said, “Climate change is one of the most pressing issues today and we believe that empowering consumers to act in their everyday lives is key to driving change. By launching innovative products such as CommercePro stack, we, at PayU, will expand the access of climate financing in India to consumers, making each digital transaction sustainable.”
Janet Salem, Co-Founder – Footprint Lab said, “With more and more Indian consumers becoming conscious about sustainability, there’s a burgeoning opportunity for carbon offset in India. Transferring the power and decision making to the end-consumers before they make an online purchase will prove to be a significant milestone in driving change. We are excited to join forces with PayU on this journey.”
The partnership was sealed at a signing ceremony in Mumbai witnessed by Paul Murphy, Australian Consul-General for Western India. Austrade in partnership with Investment New Southwales government has been instrumental in this successful collaboration.
Paul Murphy, Australian Consul-General for Western India, said “My hearty congratulations to Footprint Lab and Pay U on their new partnership! It was a pleasure to witness them take the next step in their collaboration on the eve of the Global Fintech Fest in Mumbai. Seeing deepening ties between our countries’ innovators are a testament to the strength of the Australia-India relationship.”
Some of the new key features of PayU’s CommercePro Stack are:
Address Vault: This advanced feature comes with pre-loaded addresses to help merchants expedited checkout experience to consumers by auto-filling their relevant information.
Recommendation Engine and Saved Payment Options: By leveraging millions of saved payment options, PayU will recommend the most suitable payment methods to the end-consumers, and more.
WhatsApp notifications: To tackle the pressing issues of cart abandonments, PayU will enable merchants to activate automated timely reminders to the consumers on WhatsApp.
