Mastercard leads the payment industry towards a Sustainable Future

By Pavithra R

With increasing concerns about the environment, consumers are looking for ways to tackle climate change through their positive actions, including limiting their use of single-use plastics. Mastercard, envisioning a Sustainable Future, is working with global industry players to develop a sustainable card program for all card issuers globally.

Mastercard’s sustainable card offerings are made available to consumers in various countries globally, and over 60 financial institutions have issued cards with approved materials made from recyclable, degradable, bio-sourced, chlorine-free, and ocean plastics. These institutions include Mauritius Commercial Bank and Crédit Agricole, as well as Santander, which will issue cards shortly. 

“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. 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,” said Ajay Bhalla, president of Cyber & Intelligence, Mastercard.

The initiative is considered a milestone in a multi-year effort that will lead to the launch of Mastercard’s global certification scheme for approved sustainable cards. It is built on the Greener Payments Partnership (GPP) formed by Mastercard and card manufacturers Gemalto, IDEMIA, and Giesecke+Devrient  in 2018 to establish environmental best practices and reduce first-use PVC plastic in card manufacturing.

Mastercard is continuously investing in new technology and resources, which has the potential to bring new learnings and insight into the global market in support of sustainable choice across all payment rails. Its Global DigiSec Lab in the UK has invested in technology that analyses the material makeup of a card to assess environmental claims on behalf of the industry. The lab is also investing in leading academic research related to environmentally friendly ways to recycle existing plastic cards.

“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,” said Marco Briata, Head of Digital & Payments – Crédit Agricole Italia.

Recently, Zambian FinTech Zazu partners with Tutuka to launch Mastercard virtual card.

Mastercard is committed to building a more inclusive digital economy that works for everyone. The firm is also making Environmental, Social, and Governance (ESG) central to its business model.