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Bio-based a possible solution to Mastercard’s search for more sustainable bank cards.

Bio-based a possible solution to Mastercards search to make bank cards more sustainable.“… it is the way to step forward to an earth-friendly solution, reducing petroleum based materials,

For many years, the idea of going green with your credit or debit card payments was limited to buying sustainable products, donating to charities or paying for carbon offsets. But now a new alliance is aiming to green the card itself as part of a wider array of actions a broader part of the payments industry. Global payment giants Mastercard and card manufacturers Gemalto, Giesecke+Devrient and IDEMIA have this month launched the Greener Payments Partnership to establish environmental best practices and reduce first-use PVC plastic in card manufacturing. Roughly six billion plastic payment cards are made each year, according to The Nilson Report. While Mastercardanalysis 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.

Consumers are increasingly moving from cash to card as they look for greater security and sustainability, commented Ajay Bhalla, president, cyber and intelligence solutions, Mastercard (@MastercardNews). 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 analysis into recyclable, bio-sourced and bio-degradable materials is already underway and now included in this remit. The partnership commits to accelerating that research with the goal of delivering globally available solutions to reduce first-use PVC plastic in card manufacturing in a matter of years.

Responsible use of natural resources and protection of our climate and environment are core elements of G+Ds Corporate Responsibility policy. We are committed to ensuring that our entire value chain is sustainable and to continuously reducing our ecological footprint. As a participant of the Greener Payment Partnership we work on the standardization of bio-sourced materials in payment cards. It is the way to step forward to an earth-friendly solution, reducing petroleum based materials, says Gabrielle Bugat, Head of the Financial Services Division at Giesecke+Devrient Mobile Security.

The group will also ensure best practices around how materials are evaluated, including environmental impact benefits and the ability to meet increasing consumer concerns around the impact of plastic globally.

Issue #11 of the Bio-Based World Quarterly now available Its no secret that we all need to change the way we live and consume to reduce the impact were having on our planet. For IDEMIA, its essential as an industrial leader to effect change for the better and play our part to reduce, for instance, our reliance on plastic, said Pierre Barrial, executive vice president for financial institutions activities at IDEMIA ( @IdemiaGroup ) Were delighted to partner with Mastercard to deliver viable, environmentally friendly alternatives that bring positive change to the industry as a whole.

Environmental-friendly products are now a priority for all stakeholders in the payment eco-system, says Sylvie Gibert, senior vice president of payment cards, Gemalto. We are committed to supporting this partnership formed by Mastercard, and we have already adopted sustainable practices in our banking card business. This initiative comes at a time where we see a growing interest from the banks for greener cards.

This is no the first foray into bio-materials for Mastercard, in 2016 they partnered with the Finnish Bank of land, WWF Finland, KPMG and Gemalto to create a credit card made of renewable and biodegradable materials.

You may also be interested in…

Read:Amalgamated Bank’s investment underline growing commitment to sustainable business from big finance.

Read:Banks are doing too little to communicate their sustainable investment products; report.

Visit:World Bio Markets, 1st-3rd April 2019, Amsterdam.

NEW!And available to download: Issue #11 of the Bio-Based World Quarterly.

Read:New EIB funding aims to unlock nearly 1bn in private investment for the bio-economy and agriculture.

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