Mastercard to achieve eco-certified cards by 2028
Mastercard has announced that it is accelerating efforts to remove first-use PVC plastics from payment cards on its network by 2028.
The move reinforces the company’s sustainability commitment and consideration of consumers seeking a way to reduce the environmental impact of their wallets.
According to the announcement released yesterday, from January 1, 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 programme, in a first move for a payment network.
The company will support its global issuing partners through the transition away from virgin PVC.
Mastercard launched its Sustainable Card Programme in 2018. 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.
The new announcement further accelerates these efforts, while also complimenting the company’s work to deliver innovative, digital-first card programmes that fully eliminate the need for physical card offers.
According to the firm, 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 and 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.
Commenting as partner banks, Group Head of Retail Banking and Strategy, Wealth and Personal Banking at HSBC, Taylan Turan, said: “Today’s 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 strategies 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 strong partnership; I am so proud for us to be a part of a movement that is gathering momentum across the world.”
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. That’s why we partnered with Mastercard on our one per cent For The Planet Checking Account debit cards, which are designed to reduce the impact of first-use PVC on the environment.
“We are proud to have been one of the first banks in the US to be a part of the sustainable cards program and we’re pleased Mastercard is on a path to make all payment cards with more sustainable materials.”
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.”