Visa Eco Benefits to boost climate conscious culture
Visa – the omnipresent global payments technology company – has announced the launch of Visa Eco Benefits, a new package of sustainability-focused benefits for account issuers.
The initiative is designed to enable and encourage cardholders to engage in sustainable consumption behaviour. The Visa Eco Benefits bundle will be available first in Europe and then rolled out globally during the next year to Visa’s clients.
With this new offering, Visa continues to play a leading role in driving sustainable commerce and climate action in the payments industry, supporting its clients’ objectives to meet increasing demand from cardholders to enable sustainable consumption and living.
The Visa Eco Benefits bundle will allow Visa issuers to add sustainability-focused benefits to existing Visa cardholder credit/debit products, enabling cardholders to understand the impact of their spending on the environment, as well as encourage sustainable consumption and behaviors.
Available features at launch or over time are expected to include:
- Carbon footprint calculator – insights offered by ecolytiq for cardholders into the estimated carbon footprint of their spend, including a new temperature score, which helps cardholders understand the climate impact of their personal spending behavior and how their consumption choices contribute to the 1.5°C Paris Climate Change Agreement goal
- Carbon offsets: ability for cardholders to offset their greenhouse gas emissions impacts
- Personalised education for customers on how to encourage more sustainable consumption
- Sustainable card materials, including a collaboration with CPI Card Group and digital receipts
- Donations to environmental organisations when Visa cards are used, including One Tree Planted, a global reforestation non-profit organisation
- Expanded rewards for cardholders for sustainable behaviours.
“At Visa, we recognise the urgency of climate change and are committed to a new era of sustainable and inclusive economic growth,” explained Charlotte Hogg, Executive Vice President and Chief Executive Officer, Europe, Visa. “As an engine of global commerce, we have the opportunity to work with clients and partners around the world to help embed sustainability into the payments ecosystem and support cardholder and business choices through the transition.”
Sustainable lifestyle
According to a recent GlobeScan study of 31,000 people across 31 markets, consumers continue to have high ambitions for sustainable living. According to Visa cardholder research, these high aspirations for sustainable living carry through to banking and payments.
For example, a majority of U.S. cardholders surveyed agreed that sustainability is important to them, with 62% very likely or somewhat likely to apply for a sustainability-focused payment card and trends skewing higher in the millennial generation. In Europe, cardholders ranked sustainability-focused features most important after traditional card benefits like fraud protection and acceptance in choosing their next payment card.
The Visa Eco Benefits bundle is a continuation of Visa’s global aspiration to be a climate positive company, using its products, services, data, network and brand to drive sustainable commerce and support the transition to a low-carbon economy. Earlier this year, Visa announced a pledge to reach net-zero emissions by 2040, ten years ahead of the Paris Climate Agreement goal.
“Sustainability is the challenge of our time, but also one of the greatest opportunities for the finance industry,” said Ulrich Pietsch, co-founder and Chief Executive Officer, ecolytiq.
“Equipped with the right tools like the Visa Eco Benefits bundle, the finance industry becomes the driving force for change by educating millions of consumers about their impact and by empowering them to take effective climate action to build the sustainable future we all deserve," he added.
