Digital banking services firm Cashplus has introduced a new payment card that is made using degradable PVC. The new card offers UK customers an eco-friendly alternative to plastic PVC cards.

The new PVC, developed by Cashplus’ card provider Tagnitecrest, consists of an additive that enables quick degradation of the product when left in microbe-rich environments such as compost and landfill.

The appearance, feel and durability of the new material are similar to that of the standard PVC, noted Cashplus.

Furthermore, Cashplus degradable PVC payment card will not contain signature strip on their back side. This feature is set to be authorised by Mastercard from April this year.

Cashplus CEO Rich Wagner said: “We know people are increasingly conscious of plastic waste and other environmental issues, so want to offer customers, including the thousands of UK small businesses who use our services, a more sustainable choice.

“This is a card for the digital age, doing away with the signature strip may seem like a small step but, for our customers, it’s an important sign that we understand how they want to use our banking services.

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“Signature verification has been effectively obsolete for years and research has shown that banking customers place more confidence in modern technology-based security measures.”

Statistics from The Nilson Report trade journal showed that approximately six billion plastic payment cards are produced globally per year. This is said to be equivalent to nearly 30,000 tonnes of PVC, the weight of three billion 500ml plastic water bottles.