PayU, India’s leading online payment solutions provider, has launched a series of impactful Environmental, Social, and Governance (ESG) initiatives in 2023, showcasing its deep commitment to sustainability and social responsibility. These initiatives represent PayU’s comprehensive approach to addressing the most pressing societal challenges and positioning it as a pioneer in establishing a new pinnacle of sustainable business practices.
Sustainable Packaging Report Launch
Marking World Environment Day, PayU, in partnership with Prosus, launched the ‘Scaling Sustainable Packaging’ report on June 5th, 2023. This report addresses India’s waste management challenges and outlines ’10 Golden Rules’ for e-commerce and delivery platforms to reduce packaging waste, increase recycling, and foster innovation in regenerative materials. PayU India has made significant strides in sustainability, notably by shifting to recycled paper products and Green Garbage Bags, saving nearly 2 tonnes of plastic waste annually.
Financial Literacy Trainings through Mobile Vans
PayU, in collaboration with CSC Academy, initiated a financial and digital literacy campaign via mobile vans under the Pradhan Mantri Gramin Digital Saksharta Abhiyan (PMGDISHA). The aim of the campaign was to train beneficiaries from rural households, especially SC-ST, BPL, differently-abled, and women beneficiaries, to become digitally literate and gain a deeper understanding of financial, social and government services. Approximately 50,000 candidates are expected to be trained per year per vehicle, promoting secure digital financial transactions nationwide.
DREC Initiative – Climate Finance for Rural Financial Inclusion
PayU adopted the D-RECs (Distributed Renewable Energy Certificates) mechanism, supporting E-Hands Energy’s initiative to provide solar solutions to over 920 rural banks in India. By purchasing D-RECs, PayU certifies renewable electricity generated by these projects, aiding in financial inclusion and transitioning to a low-carbon environment.
Priya Cherian, CHRO, PayU said, “As we reflect on the year 2023, it’s clear that our journey at PayU has been not just about achieving business milestones, but fundamentally about redefining the role of corporate entities in society. From launching groundbreaking sustainable packaging guidelines to empowering thousands through financial literacy programs and committing to renewable energy, our ESG initiatives are manifestations of our deep-seated belief in creating a more equitable, sustainable, and inclusive world.”
“We are more confident and dedicated than ever to push the envelope on the high benchmarks we have set for ourselves in terms of our sustainability goals in 2024,” she further added.