ABSTRACT
In the aftermath of the pandemic, various aspects of our daily routines, including the payment industry, have undergone significant transformations. Payments essentially serve as the intermediary link connecting consumers with their everyday purchases, functioning as the driving force and infrastructure for the contemporary economy. This empowers payment companies to support an eco-friendly economy and compliance, aligning with ESG factors. Further, in response to the growing focus on sustainability, mere promotion of paperless and digital transactions is no longer sufficient; true sustainability requires aligning with customer values. This paper explores the adoption ESG factors in the payments ecosystem, highlighting the transition from ESG being a trendy term to its tangible and real-world application. By exploring the fundamental ESG principles, the article addresses the various initiatives, opportunities and risks that affect an organization’s capacity to generate long-term value. The article emphasizes the significance of ESG integration for various stakeholders, including corporate, financial institutions, regulators, and customers. In the final section of the paper, it highlights specific examples within the payment industry where companies have effectively incorporated ESG factors into their operations, resulting in smooth and successful business outcomes. Promoting ESG integration, the paper argues that catalyzing a ‘SHIFT’ in global business practices accelerates sustainable goals and also highlights cases where aligning practices with ESG boosts operational efficiency and success.
Keywords – Payment Industries, Environmental, Social, Governance, Sustainability, Green payments.