Global payments technology company Visa announced today the launch of Visa Eco Benefits, a new package of sustainability benefits and features aimed at encouraging and enabling sustainable consumption behaviors by cardholders.
Designed to help account issuers meet climate-conscious consumer demand, the new bundle is expected to include a carbon footprint calculator, with insights offered by sustainability-focused fintech ecolytiq, enabling cardholders to estimate the carbon footprint of their spend, and a temperature score to determine the climate impact of their personal spending behavior.
Ulrich Pietsch, co-founder and Chief Executive Officer, ecolytiq, said:
“Sustainability is the challenge of our time, but also one of the greatest opportunities for the finance industry. 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.”
Other features include the ability for cardholders to offset their emissions impact, personalized education to enable more sustainable consumption, donations made to environmentalEnvironmental criteria consider how a company performs as a steward of nature. More organizations when Visa cards are used, rewards for cardholders for sustainable behaviors, and the use of sustainable card materials.
The introduction of the new sustainability bundle follows Visa’s announcement earlier this year of its ambition to become a “Climate Positive” company, with plans to launch initiatives to support sustainable commerce and the transition to a low-carbon economy beyond the company’s own footprint. The company has also unveiled plans to reach net zero emissions by 2040, after reaching carbon neutrality in 2020.
The new Visa Eco Benefits bundle will initially be available in Europe, and rolled out globally to Visa’s clients over the next year.
Charlotte Hogg, Executive Vice President and Chief Executive Officer, Europe, Visa, said:
“At Visa, we recognize 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.”
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