More than three quarters of people say they are “very concerned” about the environment and feel companies should be doing more to address their impact on the planet.
To address this growing concern, Mastercard has worked with global industry players to develop a sustainable card programme for all card issuers globally.
A statement by the company said, “Today, 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.”
The institutions include Crédit Agricole and Mauritius Commercial Bank, as well as Santander, which will issue cards shortly.
Mastercard added, “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.”
According to the company, the initiative is a new milestone in a multi-year effort that will lead to the launch of Mastercard’s global certification scheme for approved sustainable cards.
“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,” explained Ajay Bhalla, president of Cyber & Intelligence, Mastercard.
“We’re excited to see our efforts gaining traction in so many parts of the world and hope more organizations will join us, as we collectively use our power for good to address these urgent environmental challenges.”
The statement disclosed that Mastercard’s Global DigiSec Lab in the UK, which works to maximise product innovation and security investments, has invested in technology that analyses the material makeup of a card to assess environmental claims on behalf of the industry, “so that customers can be confident” that any Mastercard they are issuing from a sustainable material has been evaluated and independently verified.
In addition, the Lab is investing in leading academic research related to environmentally friendly ways to recycle existing plastic cards.
Speaking on the new development, Head of Digital and Payments – Crédit Agricole Italia, said, “We know our customers are looking for more sustainable products and looking for ways to effect positive change in the world.
“This approach has enabled us to not only deliver on a consumer need but also offer a product that’s in line with our corporate sustainability values.”
Speaking in a similar vein, Stephanie Ng Tseung, Head of Cards at MCB., disclosed that MCB was fully committed towards protecting the environment and our local heritage.
“We are converting our cards portfolio to Polylactic Acid (PLA), which reduces traditional PVC use by more than 80 per cent.
“In addition, every time that a customer uses our Mastercard debit card, we make a contribution to the Mauritian Wildlife Foundation to save threatened Mauritian species through the restoration of entire ecosystems.”
