Mastercard has introduced a new badge to help consumers find cards produced in a more sustainable fashion from “recyclable, recycled, bio-sourced, chlorine-free, degradable or ocean plastics,” according to a Wednesday (June 2) announcement emailed to PYMNTS.
An independent certification program that evaluates sustainability claims will verify cards that have the sustainable card badge, the announcement stated. Cards will be certified in the event that they meaningfully decrease energy consumption, material consumption, carbon footprint and waste by present industry standards. The standards will increase as overall sustainability levels increase.
The Mastercard Sustainable Materials Directory, which was founded in 2020, seeks to assist issuers in providing consumers with more eco-friendly cards. Over 100 financial institutions (FIs), such as Starling Bank and Banco Santander, provide Mastercard sustainable card programs in more than 30 nations, according to the announcement.
And, to elevate the impact of making cards from more sustainable materials, Mastercard and Giesecke+Devrient (G+D) created a new initiative that helps individuals recycle their cards. To that end, Mastercard and G+D will provide a toolbox of recycling offerings that can be optimized for individual issuer, market and material requirements, the announcement stated.
The effort builds upon the Greener Payments Partnership (GPP) established in 2018 to decrease first-use PVC plastic in the production of cards, according to the announcement.
“People want brands to behave in more sustainable and eco-friendly ways,” said Mastercard President of Cyber and Intelligence Ajay Bhalla in the announcement. “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 program, 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.”
Beyond the certification and recycling programs, Mastercard formed the Priceless Planet Coalition in 2020 that “unites the efforts of merchants, banks, cities and consumers to restore 100 million trees and help combat climate change,” per the announcement.
In addition, Mastercard and Doconomy, a Swedish FinTech, have teamed to build out a tool that allows consumers to calculate the carbon footprint of their shopping habits.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More