Mastercard has launched a badge to identify cards made from sustainable materials, after a report revealed that consumers are more concerned about global warming.
The badge was designed to identify cards made from materials such as recycled, recyclable, bio-sourced, chlorine-free, degradable or ocean plastics.
It comes after a recent Mastercard study showed that over half (58%) of consumers are more mindful of their impact on the environment. Meanwhile, 85% said they are willing to take personal action this year.
Ajat Bhalla, president of Cyber & Intelligence at Mastercard, said: “People want brands to behave in more sustainable and eco-friendly ways. But, making it happen across extended supply chains with multiple partners can be trickier than setting a goal.
“With this sustainable badge, certification and recycling programme, we have a real chance to address each of these issues and bring trust to sustainable choice as we collectively move towards a more circular economy.”
Cards that hold the sustainable card badge will be verified by an independent certification programme
Using current industry benchmarks, cards will be certified if they meaningfully reduce energy consumption, material consumption, carbon footprint and waste.
Mastercard furthers sustainability
As part of its efforts to further sustainability, Mastercard teamed with Giesecke+Devrient (G+D) to launch a programme enabling people to recycle their cards.
The two companies will also deliver a toolbox of recycling solutions that can be optimised for specific issuer, market and material needs.
Mikko Kähkönen, responsible for the smart cards portfolio at G+D, said: “Our vision for our sustainability offering goes beyond the production of an eco-card. Our purpose is to offer our bank clients the services they need to implement their own sustainability strategy, and also to tackle industry challenges such as the recycling of payment cards.
“A fast growing number of eco-conscious consumers are demanding from G+D, from banks and from industry leaders such as Mastercard that they collaborate towards such solutions to serve future generations and protect our environment.”
In April, the card issuer also partnered with Swedish fintech Doconomy to launch a carbon calculator for banks to reduce climate change.
The Mastercard Carbon Calculator enables banks to equip people with carbon footprint data and insights to help inform consumer spending and offer ways to contribute to reforestation.