The environmental credentials of open banking are being highlighted in advance of Eco Week. Specifically, open banking is materially more environmentally friendly than traditional credit and debit cards.
“The energy used to process global card transactions has an annual footprint of 416,742 tonnes of CO2 emissions. Replacing card payments with open banking would reduce this to 104,222 tonnes,’ said Nigel Apperley, CEO of TrustistTransfer. “But, the energy usage of both cards and open banking pales into insignificance when compared to Bitcoin usage.”
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1 Bitcoin transaction: the environmental equivalent of several hundred thousand card transactions
He added that that the energy use of just one bitcoin transaction on average is the same as several hundreds of thousands of VISA card transactions. According to 2023 data, 1 bitcoin transaction required 703.25 kWh of energy consumption. By contrast, 100,000 VISA transactions absorbed just 148.63 kWh of energy.
“The data analysed by TrustistTransfer highlights the huge environmental benefit of using traditional payment cards over Bitcoin.” Combining the operating cost benefits of open banking transactions together with the environmental usage benefits, highlights the benefits of open banking over cards. He said that the energy used to process global card transactions has an annual footprint of 416,742 tonnes of CO2 emissions. Replacing card payments with open banking would reduce this to 104,222 tonnes as evidenced by Open Banking Excellence research.
“As we mark Eco Week TrustistTransfer has drawn out the comparisons. It showcases the value of the environmental benefits that open banking products such as those developed by TrustistTransfer are delivering.”
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By GlobalData
