A recent Mastercard study has revealed that 58% of consumers are more mindful of their impact on the environment. 85% of this are willing to take personal action this year.
Mastercard has committed to help with this by using a new badge to identify cards made more sustainably from recyclable, recycled, bio-sourced, chlorine-free and degradable. The badge is a simple reminder of the commitments made to address sustainability concerns.
“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 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,” said Ajay Bhalla, President of Cyber and Intelligence, Mastercard.
The Mastercard Sustainable Materials Directory was established last year. It aims to help issuers offer more eco-friendly cards to consumers. More than 100 financial institutions, including Banco Santander and Starling Bank, offer Mastercard sustainable card programs in over 30 countries.
Using current industry benchmarks, cards will be certified if they meaningfully reduce energy consumption, material consumption, carbon footprint and waste. Each year, the benchmarks will improve as overall sustainability levels improve, continuing to contribute to better environmental management.
Mastercard and G+D will deliver a toolbox of recycling solutions that can be optimized for specific issuer, market and material needs. This builds on the Greener Payments Partnership (GPP) formed in 2018 to reduce first-use PVC plastic in card manufacturing.
“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,” explains Mikko Kähkönen, responsible for the smart cards portfolio at G+D.
With growing consumer passion for the environment, Mastercard continues to develop products and programs that help consumers contribute to the future of the planet, supporting an inclusive, sustainable digital economy. In 2020, Mastercard created the Priceless Planet Coalition, which unites the efforts of merchants, banks, cities and consumers to restore 100 million trees and help combat climate change.