This follows an early adopter phase which lasted two months and had over 5000 people registered for early access.
Zero partnered with varied suppliers to bring the product to market, including Mastercard, Transact Payments, Integrated Finance, Marqueta, Onfido, Flagright, and Kani. The company designed its product to appeal to the UK’s 11 million climate-conscious under 35 years old users, helping them make their money work for good causes.
Zero provides a 95% recycled plastic debit Mastercard that can be used abroad of free additional ATM or POS charges. Zero’s app includes the GreenScore, a way for people to understand the environmental impact of their spending and, if they choose to link in other accounts and cards through Open Banking, the impact of their spending on those cards and accounts as well.
Zero’s GreenScore is a numerical representation of a user’s carbon footprint, rather than a carbon calculator based on kilograms of carbon dioxide equivalents. This feature will incorporate other factors over time, to increase accuracy.
By analysing customers’ spending data to identify areas of their lifestyle contributing to climate change, the app aims to educate customers about their consumption and environmental impacts and offer them solutions to make reductions. Through personalised insights, Zero plans to help individuals reduce their carbon footprint and, as part of the next phase of development, allow users to contribute to climate and nature-positive solutions.
Zero plans to launch on Apple Pay and Google Pay in the coming months.
According to a research by Opinium, 61% of people believe banks have the responsibility to make a positive contribution to climate change and 59% of them want their bank to use their money in a positive way towards the environment.
Zero also plans to launch a new ownership model, the Community Share Option Scheme, through which the company will share 20% of the value of the business with its customers. Early Zero customers are being offered 400 Community Share Options to help Zero build a community of climate-conscious people and grow the power of collective action on climate change.
Zero may later apply for a full UK bank licence to offer a wider range of products and services, such as sustainable lending products.
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