Mastercard master plan from PVC to sustainable cards by 2028
Mastercard will from January 1, 2028 approve for use only payment cards made from recycled materials.
The payments company said on April 10, 2023 that it is committed to move away from PVC plastics to bio-sourced or recycled plastics for the sake of the planet (earth).
The company hopes the sustainable cards will have great environmental impact.
Recycled cards will be made from materials such as rPVC, PLA, or rPET. Major card manufacturers and issuers from across 80 countries have already signed up since the Sustainable Card Program initiative began in 2018.
There are more than 168 million current PVC card holders who Mastercard aims to transition to the sustainable cards, with an end game of eliminating the need for physical cards.
Mastercard will certify all newly made cards and assess composition and sustainability claims. An independent third-party auditor will validate the cards and issue it with a Card Eco Certification mark.
“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.
“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 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 landfill,” said Taylan Turan, Group Head of Retail Banking and Strategy, Wealth and Personal Banking at HSBC.
Mastercard will support issuers in the transitions across the globe. The company launched the Greener Payments Partnership with card manufacturers Gemalto, Giesecke+Devrient and IDEMIA in 2018.