Cogo and Newday add carbon footprint insights to Aqua credit card
By Gloria Methri
NewDay has extended its partnership with Cogo by enabling customers to track the carbon footprint of their Aqua card purchases through the Aqua app. The feature, jointly created with carbon footprint management experts Cogo, gives Aqua customers an estimate of how their spending impacts their individual carbon footprint.
The addition of carbon tracking to Aqua follows the successful launch of the technology with NewDay’s digital credit card, Bip, in November last year.
Cogo’s technology gives users an estimate of the CO2 emissions linked to their spending. Purchases are classified into different categories such as ‘travel’ and ‘fashion’, which Cogo then uses to calculate the emissions of each purchase, based on the carbon intensity of the particular retailer or the broader operations of the relevant industry.
As Bip customers access the carbon footprint tool every one in four times they view their transaction details in the app there is a clear appetite for carbon footprint tracking amongst NewDay’s customer base.
Emma Kisby, Cogo CEO, EMEA, said, “Expanding our partnership with NewDay is particularly pleasing as it demonstrates the strength of our partnership and that the technology we’ve created is working well for their customers.”
Sharvan Selvam, Commercial Director, NewDay, said, “Consumers are increasingly conscious about the environment, and the role they play in helping reduce carbon emissions. Having carbon tracking insights within the app gives customers easy access to the information they need to better understand how their purchase decisions impact their personal carbon footprints.”
Kisby added, “We know from research that 62% of customers are looking to their financial services providers to help them lower their environmental impact so it is great to see NewDay tackling this head-on with the launch of carbon insights for another of its products.”
Cogo launched its first banking partnership in November 2021 and now works with 16 banks globally.
IBSi Daily News Analysis
September 29, 2023
Banking is becoming byte-sized with rise of Embedded Finance, Temenos study showsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage