back Back

Mastercard leads the payment industry towards a Sustainable Future

By Pavithra R

July 22, 2020

Share

Ajay Bhalla, president of Cyber & Intelligence, Mastercard

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.

Previous Article

July 22, 2020

ACI Worldwide extends partnership with Three UK to fight payments fraud

Read More
Next Article

July 22, 2020

Duco grows during Covid-19 due to focus on operational resilience

Read More






IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

October 29, 2024

Afin Bank and Thought Machine launch digital bank for Africans in the UK

Read More

October 22, 2024

Tuum partners with Google Cloud to deliver core banking in EMEA

Read More

October 17, 2024

Stress and Mortgages: Are UK Banks Failing Homebuyers?

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q3 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More