Sustainability Moving Forward: Mastercard Accelerates Its Transition To Sustainable Plastics.
April 12, 2023
Today we are talking about something a little bit different: sustainability, and how Mastercard is working towards it by accelerating its transition to remove ‘virgin’ PVC from their payment cards by January 1st, 2028.
Mastercard has been working towards sustainability since 2018 with its Sustainable Card program, which prompted over 330 issuers around the globe to sign up and work closely with major card manufacturers to make the transition, resulting in 168 million cards to be made with recycled and bio-based materials so far.
Starting january, 2028 , all production of plastic Mastercard payment cards must be made with sustainable plastics, such as recycled or bio-sourced plastics, including rPVC, rPET, and PLA, and approved via a certification program.
Mastercard’s latest announcement looks to accelerate these efforts, while also complimenting the company’s work to deliver innovative, digital-first card programs that entirely eliminate the need for a physical card offering.
All newly made cards will be submitted to an assessment by Mastercard; their composition and sustainability claims will be under review. This certification will go through an assessment by a third-party auditor and once validated, will be marked with a ‘‘Card Eco Certification’.
Mastercard is 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
Achieving sustainability can’t be complete unless strong partnerships are forged and this programme is extended to the entire Mastercard’s network, says Helen Bierton, chief banking officer at Starling Bank, who explained how important this move is for banking as a whole.
This level of impact couldn’t be achieved without a strong partnership; I am so proud for us to be a part of a movement which is gathering momentum across the world.
Sustainability is extremely important moving forward; not only will this move benefit users who are eco-conscious and therefore have a limited pool of acceptable card offers, but this will undoubtedly reduce the impact manufacturers have on the environment.
We are hoping to see more companies follow Mastercard’s footsteps.
Want to learn more? Check out The Fintech Times’ full write-up here.
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