New Delhi, January 10, 2024: PayU, India's online payment solutions provider, has initiated a series of Environmental, Social, and Governance (ESG) efforts, demonstrating its commitment to sustainability and addressing societal challenges. These initiatives encompass a comprehensive approach to corporate social responsibility and environmental stewardship, positioning PayU as a leader in sustainable business practices.
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.
Key Initiatives:
- Sustainable Packaging Report Launch: On June 5th, 2023, PayU, in collaboration with Prosus, unveiled the 'Scaling Sustainable Packaging' report. The report provides '10 Golden Rules' for e-commerce and delivery platforms to reduce packaging waste. PayU has embraced sustainability by shifting to recycled paper products and Green Garbage Bags, saving nearly 2 tonnes of plastic waste annually.
- Financial Literacy Trainings through Mobile Vans under PMGDISHA: PayU, in collaboration with CSC Academy, initiated a financial and digital literacy campaign via mobile vans targeting rural households. 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, aiding in financial inclusion and transitioning to a low-carbon environment.
- Customized Workshops in Association with U & I: Between June and August, PayU designed and co-facilitated workshops across various locations with U & I. These initiatives aimed to inculcate a culture of continuous learning, focusing on fintech career opportunities and educational counseling.
- Employee Volunteering during CSR Quarter: In its CSR quarter (Nov 2023 - Jan 2024), PayU provided multiple volunteering opportunities, including tuition to underprivileged children, life-skills coaching, socio-emotional learning, and youth engagement programs.
- B Corp Certification: PayU embarked on the journey of attaining the B Corp Certification, benchmarking its policies, processes, and business against ESG parameters set by B Labs, aiming at holistic growth driven by positive ESG impact.
- Adoption of 5 villages under RBI’s ‘75 Digital Villages’ Programme: PayU has adopted five villages in Uttar Pradesh, aiming to promote digital payments and benefits, turning these villages into digital payment-enabled communities.
