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The 2020s have been called the decisive decade in terms of strengthening cooperation on climate change.
Traditional physical money and cards are highly unsustainable
We are now beginning to see the effects of climate change on changes in weather systems around the world. Decarbonization is becoming more of a priority when investors, customers and employees think about the organizations they want to engage with.
Environmental, Social and Governance (ESG) is what the majority of large, established organizations are now reporting and is a priority for more investors. Individuals are beginning to understand and focus when deciding which organizations to shop with, bank for, or work for.
Traditional physical money and cards are very unsustainable. The minting of coins creates carbon dioxide emissions, and the emissions associated with the production of polymer-plastic banknotes and bankcards increase each year.
Add to that the electricity needed to keep ATMs always available, and the 11 billion receipts printed each year in the UK alone (most of which contain BPA and BPS and are therefore non-recyclable), making it hard to believe. You will be exchanging goods for goods in a way that is unsustainable and damaging. service.
All this means that changing the way we pay can have a sizable positive impact on a society’s carbon footprint. Beyond this, providing sustainable options for making payments has the potential to:
As such, payment services that prioritize environmental and social factors can play a key role in stimulating investment and shaping the future. Empowered citizens who understand why they make more social and environmentally responsible decisions are citizens who are more likely to think more creatively and make other more sustainable choices.
Individuals who feel they have no choice and make no difference when faced with our planet’s current colossal problems are likely to freeze and make less sustainable choices. Giving customers the opportunity to feel that they are making the world a better place every time they spend money has a positive impact that goes well beyond reducing carbon emissions. The change that their small actions bring.
Examples of fintech organizations using alternative payment methods include Computop. The company has been a member of Leaders for Climate Action since 2020, working on regional and international environmental and climate protection projects. The company told me that when it looked at its first carbon balance, it was clear that electricity consumption and company cars had a decisive impact on its carbon footprint. And they learn more with each new carbon footprint budget.
Computop also offers “climate-neutral payments”. This is intended to give retailers an opportunity to demonstrate that they are also committed to environmental and climate protection at checkout.
Henning Brandt, Communications Director at Computop, said: And not just initially, but on an ongoing basis: for example, our communications department collects data on CO2 emissions each year to help our colleagues, customers, and partners engage in climate protection efforts through various campaigns such as Time for Climate. trying to motivate them to be proactive. action week.
In addition, we are always looking for new ways to reduce our carbon footprint. That is why we are promoting and promoting initiatives such as bike commuting, electronic company cars, or founding memberships in the Green Software Design Community. We have helped implement it.
His colleague Stephanie Schwarzendorfer said something that resonated with me as a communications professional. It’s the only way sustainable climate protection works.
The communications department therefore plays a key role in providing links between management and the various stakeholders. Members can communicate their thoughts and exchange ideas on climate protection, and we, as a communications team, pass these on to management.
Virtual cards and mobile wallets are becoming a more frequent choice, with many challenging banks offering this alongside traditional bank cards. So there is a solution to the carbon emission problem of payments. There is precedent and desire among the public for Challenger Bank to find a way to bank that is better for the planet and more convenient for consumers.
The potential benefits of the alternative payment market are enormous. Alternative payment methods help foster a share-based economy where goods are reused, re-loved and rented, using data-driven insights collected to reach goals for people and planet You can develop better strategies to economic goals.
The fintech industry is full of people dedicated to taking action to challenge the status quo, find new and better ways to do business, and inspire people to be changemakers.
Finding more sustainable payment methods is how we become industry leaders and create changes that people can incorporate into their daily lives. This is a simple, positive action that inspires them to do more and highlights the difference they can make.
About the author
Gihan Hyde is an award-winning communications specialist and founder of CommUnique, an ESG communications startup.
Over the last 20 years, she has run ESG campaigns in 8 sectors in 6 countries.
Her campaigns have positively impacted over 150,000 employees and 200,000 customers and closed over 300 million in investment deals. Clients she has advised include the World Health Organization (WHO), HSBC, Barclays, M&S, SUEZ, Grundfos, Philip Her Morris, USAID and the Government of Saudi Arabia.
Contact Gihan through LinkedIn Or Twitter @gehanam.
