Visa Eco Benefits will enable users to calculate the carbon footprint generated by their Visa transactions. Additionally, they will be able to access options for carbon offsetting or charitable donations from their bank’s website or app.
The solutions will help Visa cardholders across the region better understand the environmental impact of their day-to-day payments.
Furthermore, the company noted that the banks in Asia Pacific, which sign up for Eco Benefits, will be able to cater to the evolving demand for sustainable financial services by offering these solutions to their Visa cardholders.
According to a new survey by Visa/YouGov, 66% of consumers in Asia Pacific expect their bank to offer eco-friendly payment solutions while 52% stated that would switch banks to access a product or service that helps them understand the carbon footprint of their spending.
Visa Asia Pacific president Chris Clark said: “The majority (78%) of people in Asia Pacific said they are more likely to make more environmentally friendly purchases if they’re able to see their carbon footprint and take steps to change their spending habits.
“Our bank and fintech partners across the region can now add these sustainability features to existing Visa cards. Eco Benefits is another way that Visa is expanding our network beyond payment transactions to deliver more insights to our partners and their customers.”
In addition to carbon footprint calculator and access to charitable contributions, Visa Eco Benefits include a solution that allows cardholders to access personalised tips and education on sustainable consumption.
It will also provide cardholders with an option to offset their carbon footprint from a range of specially curated projects in areas such as forestry and clean energy.
Additionally, they will receive physical payment cards made from sustainable materials.
Visa Eco Benefits forms part of Visa’s global strategy to become a climate positive company and use its products, services, data, network and brand to support sustainable commerce and drive the transition to a low-carbon economy.
Last year, Visa announced its commitment to achieve net-zero emissions by 2040.