Mastercard, Doconomy Launch Green Mobile Banking Service

Doconomy and Mastercard announced Monday (Feb. 25) a joint collaboration to fight climate change by enabling DO, a free mobile banking service that enables users to reduce their CO2 footprints through carbon offsetting.

In a press release, the companies said the launch of DO sets a new standard for purpose-driven payment services and is a big step in Mastercard’s commitment to fight climate change. The companies said DO lets users’ values guide their everyday consumption toward more sustainable choices. DO also enables carbon offsetting via UN-certified projects. In addition, the service includes the ability to invest in funds that have a positive impact on people and the planet.

“Together with Doconomy we can engage consumers, retailers and businesses in the fight against climate change. This collaboration is an important part of our focus on sustainability, and this innovative solution offers people a simple way to take responsibility for their carbon footprint, based on what they consume,” said Mark Barnett, Divisional President of Mastercard U.K., Ireland, Nordic and Baltics in the press release.

Customers also have the option to apply for a physical card that is climate-friendly and biodegradable. The card is printed with recycled pollution and doesn’t have a magnetic strip, which Mastercard said is the first of its kind in the world. “Via Mastercard’s global network Doconomy can reach and leverage the power of consumers all over the world and direct capital towards sustainable initiatives. For us, there is no partner better suited than Mastercard, given their sense of purpose and leading technical expertise,” Doconomy CEO Nathalie Green said in the same press release. The DO app will be available in April, the companies said.

Last October Mastercard, in partnership with the world’s three largest card manufacturers — Gemalto, Giesecke & Devrient and IDEMIA — launched the Greener Payments Partnership to establish environmental best practices and reduce first-use PVC plastic in card manufacturing.