Mastercard to continue betting on sustainability

Friday 7 April 2023 12:23 CET | News

Global card scheme and issuer Mastercard has recently announced it is boosting efforts to remove first-use, PVC plastics from its payment cards by 2028. 

The move aims to further back up the company’s commitment towards sustainability and scale the accessibility of more eco-friendly card offerings for consumers who are looking to positively impact the environment through green wallets and initiatives.

The road to Heaven is paved with green intentions for Mastercard

Starting 1 January 2028, all new Mastercard plastic payment cards will be replaced with those made of more sustainable materials, including recycled and bio-sourced plastics such as rPVC, rPET, and PLA. At the same time, the cards will also be a approved through a certification programme, marking the first initiative of its kind from a payment network. Moreover, Mastercard has pledged to support all its global issuing partners through the transition from regular PVC to eco-friendlier materials.

The US-based card scheme has launched its sustainable Card Program back in 2018 and, since then, more than 330 issuers from 80 countries across the globe have signed up. The ultimate goal was to replace over 168 million cards across the network with recycled ones and the latest news from April 2023 reassures that these efforts will continue. 

Simultaneously, Mastercard will continue investing in innovative technologies that will push further the world of physical cards towards digital-first programmes that fully eliminate the need of a physical card when shopping online or in-store.


Looking towards the environmentally friendly future

The payments processor works closely with a set of partners to come up with new environmental innovations and initiatives for a smaller carbon footprint, including Priceless Planet Coalition, Carbon Calculator, and the Sustainable Card. Through its latest policies, it is committed to advancing climate action and reducing waste, according to company officials.

In 2018, through its Digital Security Card, Mastercard launched the Greener Payments Partnership with several card manufacturers, including Idemia, Gemalto, and Giesecke+Devrient to reduce the use of first-use PVC plastic in card manufacturing. In 2021, the company also launched the Mastercard Card Eco Certification (CEC), with a similar purpose.

Global banks such as HSBC, Bank of the West, and Starling Bank applauded the initiative and are keen on further partnering with the US-based card scheme to help it achieve its environmental goals, in an attempt to fully eliminate single plastic use cards in the near future. 

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Keywords: partnership, credit card, sustainability , green finance, virtual card, card scheme, Issuer, online shopping, ecommerce, m-commerce
Categories: Payments & Commerce
Companies: Mastercard
Countries: World
This article is part of category

Payments & Commerce


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