Fintech – A Step Towards Green Banking

Abstract

Green banking is a recent idea used in the banking segment that offers reducing carbon footprints, investments in renewable energy projects, green building, planting trees, and cutting down on paper usage by using various financial technologies and digital platforms. Fintech plays a major role in promoting green banking by shifting cashbased transactions into digital ones by using various digital apps like Google Pay, Paytm, PhonePe, BHIM, etc., which can contribute to reducing the environmental footprint. Fintech helps customers use their account anytime, anywhere, to check their bank balance and transfer funds from one bank account to another without visiting the branch bank. That will induce the banks to promote paperless transactions based on the “green banking” concept. The paper focuses on concept of fintech in banks, benefits and fintech methods used in green banking.