Sustainability in the FinTech: Moving Towards Greener Future of Finances

  • Ieva Janarauskaite, Communications Specialist at Mistertango

  • 05.10.2022 10:15 am
  • #finance

At these difficult times when climate change is reaching a high point, it is necessary to be living as sustainably as possible. One of the ways of doing so is by choosing digital financial services. Although it is not the most significant way to save the Earth, it is believed that choosing FinTech as a digital payment service provider is more sustainable than choosing a traditional bank. And here's why.

Digitization is one of the things that can tackle the climate. You may ask, how is it relevant? FinTechs are mostly driven by innovation, which means some technologies do not require physical paperwork – all onboarding processes are made easily online. By that, you are saving the trip to the bank that could cost the earth a ton of emissions over the years. Fintechs are modern-day employers. This industry is usually offering hybrid or even online work models. That means fewer resources are used to get to the office, and some people are keener to work from home. This saves a lot of CO2 emissions which is crucial to climate change.

Also, most FinTechs offer virtual cards, and that means no cash and no unnecessary plastic cards are needed. The usage of virtual cards often comes in handy, whether you would like to be extra safe shopping online with virtual disposable cards or you just find it more comfortable to pay by phone or by a watch. Some FinTechs are even offering several virtual cards linked to the same account, which is convenient as it reduces the use of plastic.

Sustainability does not only mean saving the Earth by cutting the plastic and consuming less. One of FinTechs selling points in sustainable thinking is how they can include people from third-world countries. Thanks to FinTechs, fewer people are being excluded from significant services of finances. The Fintech industry, as it is new and tech-savvy, finds a way to reach people by lowering the prices of services and teaching them financial literacy. FinTechs play the educational part of the sector by not only writing blog articles on different financial topics but also by investing in climate change funds to help save the Earth from climate change.

Even though FinTech is quite a new player in the financial industry, it is making a step-by-step change to the climate by digitizing processes, including and teaching people financial literacy. By choosing digital payment services instead of traditional ones, you can also help and encourage sustainability to thrive in your day-to-day life.

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