Mastercard yesterday announced that it was accelerating efforts to remove first-use, PVC plastics from payment cards on its network by 2028.
It stated that the move further reinforced the company's sustainability commitments and scales the accessibility of more sustainable card offerings for consumers seeking a way to reduce the environmental impact of their wallet.
Mastercard in a statement, said from January 1, 2028, all newly-produced plastic payment cards would be required to be made from more sustainable materials - including recycled or bio-sourced plastics such as rPVC, rPET, or PLA - and approved through a certification program, in a first move for a payment network. The company said it would support its global issuing partners through the transition away from virgin PVC.
Mastercard launched its Sustainable Card Program 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 announcement further accelerates these efforts, while also complimenting the company's work to deliver innovative, digital-first card programs that fully eliminate the need for a physical card offering.
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 eco-friendly choices, we are making a firm commitment to reducing our environmental footprint - for the benefit of people, planet and inclusive growth."
The Chief Sustainability Officer for Mastercard, Ellen Jackowski, said: "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."
Also, the Group Head of Retail Banking and Strategy, Wealth and Personal Banking at HSBC, Taylan Turan, said: "The 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, thus removing 85 tonnes of plastic that would have ended up in landfill."
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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're 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."
For his part, the 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."
