Banking and Finance Top Stories

Visa introduces sustainability feature for cardholders

This feature will allow customers to understand how their spending affects the environment

Visa has unveiled environmentally conscious benefits, known as Eco Bundles, for account issuers which are designed and enabled to encourage their cardholders to become more aware of how their spending affects the environment, according to media reports.

The leading global payments technology company mentioned that Visa Eco benefits will be initially made available in Europe and then rolled out globally during the next year to Visa’s clients.

The eco bundle will allow Visa issuers to add sustainability-focused benefits to existing Visa cardholder credit/debit products. This will help enable cardholders to understand how their spending affects the environment and will also encourage sustainable consumption and behaviors.

The bundle includes a carbon footprint calculator from fintech ecolytiq. This will let the cardholders offset their carbon consumption. Additionally, it also comes with educational tools, sustainable card materials, donations to environmental groups, and cardholder reward for sustainable behaviour.

Charlotte Hogg, executive vice president and chief executive officer, Europe, Visa told the media, “At Visa, we recognise the urgency of climate change and are committed to a new era of sustainable and inclusive economic growth. 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.”

Earlier this year, Visa also announced their plan of reaching net-zero emissions by 2040, which is ten years ahead of the Paris Climate Agreement goal.

The Visa Eco Benefits bundle is a continuation of the company’s global aspiration to be a climate positive company. Visa plans to use its products, services, data, network and brand to drive sustainable commerce and support the transition to a low-carbon economy.

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