ESG for Payment Companies: Openway Shares Strategies for a Sustainable Future

According to a global survey, 92% of respondents “expected their bank to actively contribute to preserving the planet” and 62% “would consider switching to an eco-conscious bank”. More than ever, consumer behaviors are influenced by ESG concerns. Payment companies must prove that their values, and also those of their partners and investors, are in line with a social and environmentally aware consumer base. In view of this, organizations are developing business and operational models built on CSR (corporate social responsibility) and/or ESG (environmental, social, and governance), which measures specific goals. OpenWay draws on its own best practices to highlight how payment companies might establish their own CSR and ESG goals, and evaluate practices already in place. ~

Banks, processors and fintech startups have a clear role to play in a sustainable future. Digital payment services reduce paper and can be used to promote financial inclusion. But is going paperless enough? To be recognized as a truly sustainability-oriented organization, a company must embrace a business and operational model that draws on CSR, or corporate social responsibility, and strive towards ESG (environmental, social, and governance) goals. OpenWay shares its own best practices to highlight how banks and fintechs can put the environment in payments, focus on social initiatives, and demonstrate their awareness of the bigger picture.

Find the answers in OpenWay’s latest report:

• Why can payment companies no longer afford to ignore the public’s scrutiny when it comes to CSR and ESG practices?
• What role does company culture play in making sure that sustainability initiatives become part of an organization’s vision for growth?
• What kind of digital payment services are being used to further social and environmental initiatives?
• In what areas could payment companies demonstrate compliance and resilience to increase brand recognition and reputational benefits?