Mastercard leads the payments industry forward to a more sustainable future

According to the press release, more than three quarters of people say they are ‘very concerned’ about the environment and feel that companies should be doing more to address their impact on the planet. Therefore, a new directory of sustainable materials and vendors for card products aims to make a sustainable choice the preferred option for all financial institutions worldwide.

Mastercard’s sustainable card offerings are available to consumers in over a dozen countries globally, while more than 60 financial institutions have issued cards with approved materials made from recyclable, bio-sourced, chlorine-free, degradable, and ocean plastics. These institutions include Crédit Agricole and Mauritius Commercial Bank, as well as Santander, which will issue cards shortly.

Six billion payments cards are produced each year, typically from PVC. These cards are replaced on average every three to four years, with discarded cards going to landfills across the world. Consequently, with this resource, banks can learn more about these alternatives, connect to card manufacturers, and ultimately augment their own sustainability initiatives with a systemic change to their supply chain. 

Additionally, Mastercard partnered with the Sweden-based fintech startup Doconomy to enable consumers to track, understand, and take accountability of their environmental footprint through digital tools that set a new standard for purpose-driven payment solutions. The company has also joined RE100, furthering its commitment to renewable energy, and set a new ambitious Greenhouse Gas Emissions target to meet a 1.5°C, approved by The Science Based Target Initiative (SBTi).