PayU joins Footprint Lab to boost Climate Finance potential in India #IndiaFinance

By Gloria Mathias

PayU has announced the extension of its partnership with Footprint Lab, an Australian Cleantech startup.

Together, PayU and Footprint Lab are bringing climate finance directly to Indian consumers by providing them with an option to offset the carbon impact of their daily purchases at payment checkout.

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.

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, which will purchase carbon credits to execute various sustainable projects across India.

This feature on PayU checkout will be offered as part of PayU’s latest CommercePro Stack. This versatile product suite is designed to empower D2C merchants to elevate their conversions while controlling costs, driving business efficiency, and delivering exponential growth.

Vineet Sethi, Senior Vice President of SMB and Growth Businesses at 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 the CommercePro stack, we at PayU will expand the access to climate financing in India to consumers, making each digital transaction sustainable.”

Janet Salem, Co-Founder of 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.”

Critical features of PayU’s CommercePro Stack are:

• Address Vault: This advanced feature comes with pre-loaded addresses to help merchants expedite the checkout experience for 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 end consumers and more.
• WhatsApp notifications: To tackle the pressing issue of cart abandonments, PayU will enable merchants to activate automated, timely reminders for consumers on WhatsApp.