Mastercard is promoting the use of sustainable credit cards, helping financial institutions to issue cards made from approved materials – recyclable, bio-sourced, chlorine-free, degradable and ocean plastics.
A new directory of sustainable materials and vendors for card products, launched by Mastercard, aims to make sustainable choice the preferred option for all financial institutions worldwide and drive enhanced innovation.
Mastercard’s sustainable card offerings are available to consumers in over a dozen countries globally and more than 60 financial institutions have issued cards with approved materials made from recyclable, bio-sourced, chlorine-free, degradable and ocean plastics.
These institutions include DBS Bank (Taiwan) and Crédit Agricole, as well as Santander, which will issue cards shortly. With this resource, banks can learn more about these alternatives, connect to card manufacturers and ultimately augment their own sustainability initiatives with a systemic change to their supply chain.
Six billion payments cards are produced each year, typically from PVC. These cards are replaced on average every three to four years, with discarded cards going to landfills across the world.
Ajay Bhalla, president of Cyber & Intelligence at Mastercard, said: “Our goal is simple: we want to help banks offer more eco-friendly cards to consumers, and we are taking concrete steps to bring about that change. This way, everyone benefits – it’s better for the environment, it’s better for business and it meets evolving consumer needs.”
Rosa Medea is Life & Soul Magazine’s Chief. She writes about lifestyle including sustainable and green living.