Mastercard changes to eco-friendly card payment
By Oghale Mafuru
As part of its sustainability efforts, Mastercard, a leading digital service platform has announced plans to halt the use of Polyvinyl Chloride (PVC) Plastic on payment cards by 2028 and make card services available to its teeming consumer with eco-friendly and sustainable materials.
The company revealed that effective from January 1st, 2028, its payment cards will be produced from more sustainable materials which constitute recycled or bio-sourced plastics. It will be approved through a certification program, in a first move for a payment network. The company will support its global issuing partners through the transition away from virgin PVC.
Commenting on the initiative, Ajay Bhalla, President of Cyber & Intelligence at Mastercard said: “At Mastercard we are leading and shaping our industry’s collective pursuit of a more sustainable, more environmentally conscious future. As our customers respond to increased consumer desire to make more eco-friendly choices, we are making a firm commitment to reducing our environmental footprint – for the benefit of people, planet and inclusive growth.”
“Mastercard is committed to advancing climate action and reducing waste by driving our business toward net zero emissions and leveraging our network and scale to accelerate the transition to a low-carbon, regenerative economy,” said Ellen Jackowski, Chief Sustainability Officer for Mastercard.
According to the company, since it launched the Sustainable Card Program in 2018, over 330 issuers across 80 countries have signed up, working in partnership with major card manufacturers to transition more than 168 million cards across its network to recycled and bio-based materials.
Mastercard launched its Sustainable Card Program in 2018. Since then, over 330 issuers across 80 countries have signed up, working in partnership with major card manufacturers to transition more than 168 million cards across its network to recycled and bio-based materials.
The Company established its sustainability efforts more than a decade ago with a focus on financial inclusion, data responsibility and the environment. Through its network it collaborates with partners to bring new environmental innovations and initiatives to market, such as our Priceless Planet Coalition, Carbon Calculator as well as the Sustainable Card.
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