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Today, we're speaking with Sonia Morozova, one of the earliest members of the Consultancy team. Her journey began by mastering various business areas such as Issuing, Mobility, M&A, Licensing, and Academy, before focusing on Strategy and Merchant Services, where her attention has been fully dedicated over the past year.
Sonia's entry into the payments industry was unconventional. Coming from a background in sustainable development with a focus on economics and politics, she has seamlessly integrated sustainability into her work to shape strategies that not only deliver value to clients but also align with global sustainability goals.
In addition to her consulting expertise, Sonia is a certified ICF coach and co-founder of a boutique career consultancy. She empowers career changers to navigate their transitions with confidence—just as she approaches her consulting work with strategic insights and unwavering dedication.
In today's conversation, Sonia will explore the compelling intersection of payments and sustainability, share her personal journey in the industry.
There are two types of costs associated with each payment transaction: financial cost and cost to the planet. While the payments industry has traditionally focused on financial costs, growing attention is now being given to the environmental impact of these transactions. This shift signals a broader awareness that no sector is exempt from the responsibility of helping sustain our planet, and the payments industry must play its part.
“I believe the payments industry holds significant power to inform, educate, and guide individuals and small businesses toward more sustainable behaviours.”
By simplifying the process for consumers to choose eco-friendly products and services, and by embedding sustainability into payment innovations, the industry can significantly reduce the environmental footprint of transactions. Many fintechs are already leading this movement by integrating environmental and social goals into their core strategies, whether through financial inclusion, sustainable investing, or green fintech initiatives.
The fintech sector has experienced explosive growth over the past decade, fueled by swift technological advancements, increasing digitization, and strong support from investors. Companies have scaled rapidly, with market capitalization doubling by mid-2023. However, this rapid growth has also led to challenges, including liquidity issues and heightened regulatory scrutiny.
As the funding landscape becomes more constrained and the industry matures, the emphasis is shifting from aggressive expansion to sustainable development. Companies must now prioritize creating resilient business models that can withstand economic pressures and comply with regulatory requirements.
“Sustainability is becoming essential—not merely as a branding strategy, but as a fundamental approach for long-term success, enabling companies to manage risks effectively and uphold their reputations”
Traditional payment systems consume considerable physical resources, including paper for receipts and plastic for cards, as well as significant energy for data processing and transaction verification. This reliance on physical materials and energy contributes to environmental degradation.
My passion for sustainability is a fundamental part of who I am and has been a driving force throughout my career. From the beginning, I recognized the significance of making a meaningful impact—not just in my local community but on a global scale. This commitment to fostering positive change has consistently guided my professional journey.
To me, sustainability is more than just a concept; it’s a practical and vital approach to business. I have always believed that our current business practices should prioritize the well-being of future generations. In the payments industry, I see an extraordinary opportunity to weave sustainable practices into a sector that influences nearly every aspect of daily life.
We see that there is a noticeable shift in investor expectations towards profitability, compelling fintechs to reassess their growth strategies and prioritize long-term sustainability. As the industry evolves, many companies require guidance, particularly regarding emerging markets, which are anticipated to play a significant role in fintech revenue growth. Regions such as Africa, Asia-Pacific, and Latin America show considerable potential due to their underbanked populations.
Companies can take the lead by utilizing payment data to encourage consumers to make greener choices, integrating sustainability features into payment products (such as carbon calculators and green print trackers), and supporting sustainable infrastructure, including EV charging stations.
My vision is to elevate our clients (currently within the Merchant Services domain) to new heights, integrating cutting-edge technology with sustainable practices. I am committed to leading initiatives that position PGC at the forefront of the industry, particularly in areas where sustainability and profitability intersect. My focus will be on expanding our influence and setting new industry standards that reflect our commitment to innovation and responsible business practices.
These are some interesting benefits that may vary depending on the situation. Keep in mind that these are not the key benefits, and there are others to consider as well.
Now is the time for companies to take decisive action. Assess your current payment solutions, identify opportunities for integrating sustainability, and partner with industry leaders to implement these changes. Sustainable payments are not just a trend; they are a critical component of future-proofing your business and contributing to global sustainability efforts.
