Sokin to leverage IDEMIA’s recycled plastic payment cards

By Megha Bhattacharya

FinTech Sokin recently announced that it will be issuing recycled plastic payment cards, in collaboration with IDEMIA, across 200 countries. Augmented identity provider, IDEMIA’s GREENPAY will enable Sokin to reduce plastic waste and carbon emissions.

Vroon Modgill, CEO at Sokin, commented, “Each year 6 billion plastic payments cards are produced, and as we prepare to launch, we don’t want to add to the problem. We will offer currency exchange in 150 countries with wallets and cards in 200 countries, so have opted for payment cards made from eco-friendly materials. We are confident that our clients will see this as an additional positive reason to choose Sokin alongside our low-cost solution and simple and easy to use payment services.”

Recently, payment firm Sokin announced that it will be partnering with Transact Payments Limited (TPL) in a bid to boost the roll-out of its UK and European fixed-price subscription-based payments service. Transact Payments is expected to offer flexible European BIN sponsorship and modular payment, debit and prepaid services as part of the FinTech’s global service.

IDEMIA’s Executive VP Financial Institutions Amanda Gourbault said, “Teaming up with Sokin testifies that our GREENPAY package appeals to FinTechs. We will tap into the power of our FinTech Accelerator Card Program to support Sokin’s plans to expand globally and get their products to market quickly. Our alliance will ensure that the time from cardholder onboarding to card issuance is minimised, and that Sokin can rapidly issue payment cards around the world. Given that fintechs are increasingly looking towards more environmentally friendly solutions, we are excited to offer them sustainable alternatives.”