Mastercard has announced a partnership with card manufacturers Gemalto, Giesecke Devrient, and IDEMIA to develop eco-friendly cards in a fresh sustainability drive
The financial services giant noted in its press statement that, until now, green payment practises have been largely limited to linking purchases with donations to environmental initiatives and carbon offsets.
By working to produce cards that do not incorporate first-use PVC plastics, the firm is adding a new dimension to sustainability for its customers.
“While Mastercard analysis shows that this is less than 0.015 percent of the volume of plastic manufactured each year, there is room to improve that through the use of alternative materials,” the firm said.
Ajay Bhalla, president of cyber and intelligence solutions at Mastercard, said in the press release:
“Consumers are increasingly moving from cash to card as they look for greater security and sustainability.
“This partnership will help us and our industry reduce first-use plastic in cards. Together, we can build on recent research and tests and drive adoption of environmentally friendly materials on a larger scale.”
Research and development is already underway, with this partnership set to rapidly accelerate work towards the goal of providing a solution worldwide within the next few years.
Pierre Barrial, executive VP for financial institutions activities at IDEMIA, said:
“It’s no secret that we all need to change the way we live and consume to reduce the impact we’re having on our planet. For IDEMIA, it’s essential as an industrial leader to effect change for the better and play our part to reduce, for instance, our reliance on plastic.”
“We’re delighted to partner with Mastercard to deliver viable, environmentally friendly alternatives that bring positive change to the industry as a whole.”