Due to the use of payment cards, around 5.7 million tonnes of plastic waste is additionally received in landfills around the world
More than three quarters of the world’s people are concerned about the environment and believe that companies should do more to reduce their impact on the planet. The world produces 380 million tons of plastic every year, 150 million tons of plastic was found in the sea. Most of the 6 billion payment cards issued annually are made from a variety of non-biodegradable plastics such as PVC (polyvinyl chloride). Given that the cards are replaced every 3-4 years, around 5.7 million tonnes of plastic waste is additionally received in landfills around the world.
To solve this growing problem, MasterCard works with global industry players has developed A green card program for issuers around the world. The initiative produced a list of green card making materials, helping banks and other issuers make the transition to green cards, obtaining information on where to go.
Today, more than 60 financial institutions around the world, including major banks such as DBS, Santner and Credit Agricole, issue cards made from recycled materials, PVC-free, biodegradable, as well as so-called plastics.
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This initiative marks a new milestone in a multi-year effort that will lead to the launch of a global MasterCard certification system for eco cards. It is based on the Green Payments Partnership (GPP), which was created in 2018 by MasterCard and card makers Gemalto, Gieske + Deviant and IDEMIA to create environmental best practices and reduce the use of PVC plastic in card production.
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It was previously reported that one of the largest US banks, Morgan Stanley, would begin to monitor the impact of loans and investments issued on carbon footprints – directly and indirectly by an individual, organization, event, or product. Aggregation of all greenhouse gas emissions generated.
Read: Waste credit cards and bottles instead of money: How payment companies save the environment