HSBC UK has rolled out a new Carbon Insights tool within its acclaimed mobile banking app, HSBC Kinetic, for small business owners.
This innovative feature empowers HSBC Kinetic users to access estimated carbon dioxide equivalent (CO2e) values for their HSBC Kinetic Debit Card transactions through a user-friendly dashboard integrated into the app, according to ESG News.
Business owners who opt in to the Carbon Insights tool can conveniently view a summarised breakdown of their expenses by categories. Moreover, the tool offers practical suggestions on how they can potentially manage their emissions.
Peter McIntyre, Head of Business Banking at HSBC UK, stated, ““Creating awareness and understanding of greenhouse gas emissions enables small business owners to take a first step in understanding the potential climate impact of the business expenses paid through their HSBC Kinetic Debit Card, which is why we have launched the Carbon Insights tool.”
This opt-in feature is available to HSBC Kinetic Debit Card customers at no additional cost. Customers are required to answer a few questions related to their business, and based on this data combined with the type of payments made with their HSBC Kinetic Debit Card, an estimate of the carbon emissions for transactions is generated.
Customers can track their annual CO2e balance and compare it to the industry average. Additionally, they can view monthly breakdowns of their CO2e estimates by expense categories such as business travel, administration, personnel, equipment, and utilities.
The development of this tool was in collaboration with ecolytiq, a climate engagement fintech, and Visa, HSBC’s card issuing partner.
David Lais, Co-Founder of ecolytiq, remarked on the news, “Small-to-Medium sized businesses represent over 90% of all businesses worldwide, and therefore play a crucial role in driving sustainability. Yet, too often they don’t have the right guidance to do so. With HSBC UK, we are excited to bring a carbon insights solution for small business customers and support them in evaluating their impact and business purchasing decisions.”
Mandy Lamb, Head of UK & Ireland at Visa, added, ““Visa helps develop the next generation of seamless payment experiences, working with partners on solutions that then benefit thousands of UK businesses and millions of consumers. We’re delighted to have partnered with HSBC UK to unlock carbon insights for their small business customers, helping them manage their carbon emissions.”
HSBC Kinetic continuously engages with customers to comprehend their needs and expectations, enabling the addition of new features and enhancement of app functionality.
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