Home Business Banking & Finance Mastercard accelerates phasing out of PVC plastic cards

Mastercard accelerates phasing out of PVC plastic cards

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Global payment company, Mastercard has accelerated efforts to remove the first–use, PVC plastics from payment cards on its network by 2028.

The move, according to the company reinforces its sustainability commitments and scales the accessibility of more sustainable card offerings for consumers seeking a way to reduce the environmental impact of their wallet.

The company has concluded that from 1st January 2028, all newly–produced plastic payment cards will be made from more sustainable materials – including recycled or bio-sourced plastics such as rPVC, rPET, or PLA and approved through a certification program, in a first move for a payment network. The company will support its global issuing partners through the transition away from virgin PVC.

Global partner banks have reacted to the new development with some saying it will usher in a new era that will support a more sustainable future.

Group Head of Retail Banking and Strategy, Wealth and Personal Banking at  HSBC, Taylan Turan, said:  “The announcement from Mastercard is a huge step for financial services. New sustainable materials, such as rPVC, offer our sector a clear way to accelerate its efforts to build a more sustainable future.   “As part of our net zero strategy at HSBC, we’ve already introduced recycled plastic payment cards across 28 of our global markets and embedded the requirement to use sustainable materials for all debit, credit, and commercial cards in our product governance; removing 85 tonnes of plastic that would have ended up in a landfill.

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 that is gathering momentum across the world.

Also, Head of Payment Solutions, Senior Vice President at  Bank of the West, Michael Battagliese,  said: “We believe that conducting business sustainably is simply the right thing to  do”

Chief Banking Officer at  Starling Bank, Helen Bierton,  said: “This initiative is a welcome next step in the journey to a sustainable future. As one of the first banks to remove first-use PVC from our debit cards, we know how important this is to our customers.”

Mastercard launched its Sustainable Card Program in 2018 and since then, over 330 issuers across 80 countries have signed up, working in partnership with major card manufacturers to transition more than 168 million cards across its network to recycled and bio-based materials.  Today’s announcement further accelerates these efforts, while also complimenting the company’s work to deliver innovative, digital-first card programs that fully eliminate the need for a physical card offering.

The rule change will see all newly made cards certified by Mastercard to assess their composition and sustainability claims; this certification will then be validated by an independent third-party auditor. Once a card has been validated it can be imprinted with a Card Eco Certification mark.

President of Cyber & Intelligence at Mastercard, Ajay Bhalla, said: “At Mastercard, we are 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.”

Mastercard established its sustainability efforts more than a decade ago with a focus on financial inclusion, data responsibility, and the environment.  Through its network, it collaborates with partners to bring new environmental innovations and initiatives to market, such as our Priceless Planet Coalition, Carbon Calculator as well as the Sustainable Card.

“Mastercard is committed to advancing climate action and reducing waste by driving our business toward net zero emissions and leveraging our network and scale to accelerate the transition to a low-carbon, regenerative economy,” said Ellen Jackowski, Chief Sustainability Officer for Mastercard.

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