As public concern about climate change has grown, many individuals and organisations are looking for various ways to reduce their greenhouse gas emissions.
In this regard, Amsterdam-based fintech unicorn, Adyen, has recently announced the launch of Planet, the company’s latest addition to its Impact product suite.
Offsetting carbon footprint
Planet allows Adyen’s merchants to offer their shoppers the opportunity to offset the carbon footprint of their purchases at the end of the checkout process.
It is an optional feature and can be implemented at no additional cost to the merchant, says the company. It directly supports climate action projects (e.g. reforestation or renewable energy).
Planet is easy to integrate for merchants and causes no additional friction in the payment process, as the option to balance out the carbon footprint occurs after checkout.
Partnership with the South Pole
The Dutch company has also partnered with the South Pole to build its own greenhouse gas emissions calculator to measure the data quality of emissions per purchase.
Founded in 2006, South Pole focuses on working with large companies to reduce their environmental footprint while making concrete impacts on removing CO2 from the atmosphere through climate action projects.
To date, South Pole has worked with over 1,000 companies and organisations on their climate journeys.
“Taking responsibility for our environmental footprint is part of our license to operate in today’s society. To go further than that, we built Planet, a feature that leverages our technology to help our merchants support environmental sustainability projects”, said Ingo Uytdehaage, CFO of Adyen. “By joining forces with our merchants, we can generate positive environmental impact at scale.”
Last year, Adyen launched Giving, a product feature that enables Adyen’s merchants to accept charitable donations during the online and in-store checkout process. During the rollout, the company partnered with a host of leading brands to launch Giving, including Gap Inc., Delivery Hero, and Crocs.
Approval from Monetary Authority of Singapore
In other news, Adyen’s Singapore entity – Adyen Singapore Pte Ltd, has received approval from the Monetary Authority of Singapore (MAS) to carry out merchant acquisition services under the Payment Services Act 2019 (PSA).
Adyen Singapore’s license as a Major Payment Institution under the PSA has been expanded to include merchant acquisition and domestic money transfer services, on top of the previously licensed activity of cross-border money transfer service.