Yayzy uses Open Banking standards to connect to a user's bank account and automatically calculate the carbon footprint of their purchases. The app then puts that footprint into context, comparing it to other forms of CO2 output — for example, kilometers driven in a small car — and showing how many days it would take a tree to absorb that amount of carbon dioxide. It also displays how a user's footprint stacks up to that of other people, and how much of their carbon budget they've used.
The carbon footprint of each transaction is a rough estimate, calculated by taking the amount spent and multiplying it with a corresponding 'greenhouse gas emissions intensity factor' that's based on the merchant, sub-category and in some cases product. Within the app, users can choose from various projects to support by purchasing offset credits. Since reducing emissions is better than offsetting them, Yayzy also offers tips on how users can reduce their environmental impact.
As Mankaran Ahluwalia, one of Yayzy's founders, puts it: "We believe that action begins with information. If we can help everyone easily understand the impact of their spending on the planet, we can then shift the use of money from high carbon to low carbon and accelerate the transition to a new era of sustainability and responsibility." The app is free to use, with Yayzy taking a cut of carbon offset purchases made by users. Yayzy is currently only available in the United Kingdom, with plans to roll out to other countries. Additional features are also in the works, including climate-positive investing.
Can your brand partner with a company like Yayzy, or find other ways to help your customers incorporate personal sustainability goals into their daily lives?
(Related: Grocery store raises prices to reflect hidden social and environmental costs, and OneBanks uses open banking technology to bring back in-person service.)
