Mastercard has collaborated with card manufacturers Gemalto, Giesecke+Devrient and IDEMIA, to develop environmentally friendly cards.
The partners together launched Greener Payments Partnership to establish environmental best practices and reduce first-use PVC plastic in card manufacturing.
Go deeper with GlobalData
The alliance partners will also come up with best practices around how materials are evaluated. This includes environmental impact benefits and the ability to meet increasing consumer concerns around the impact of plastic globally.
Mastercard president, cyber and intelligence solutions Ajay Bhal said: “Consumers are increasingly moving from cash to card as they look for greater security and sustainability.
“This partnership will help us and our industry to 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.”
In order to decrease first-use PVC plastic in card manufacturing, the partners also agreed to speed up the research for recyclable, bio-sourced and bio-degradable materials for card making.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataGiesecke+Devrient Mobile Security head of the financial services division Gabrielle Bugat said: “Responsible use of natural resources and protection of our climate and environment are core elements of G+D’s 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 standardisation of bio-sourced materials in payment cards. It is the way to step forward to an earth-friendly solution, reducing petroleum based materials.”
This is not the first time Mastercard has advocated for use of eco-friendly materials to produce the payment cards.
In 2016, Mastercard teamed up with the Finnish Bank of Åland, WWF Finland, KPMG and Gemalto. Together they rolled out a credit card made of renewable and biodegradable materials.
