6 billion plastic payment cards are made each year representing less than 0.015 % of the annual plastic manufacturing.
Research and analysis into recyclable, bio-sourced and bio-degradable materials is already underway but the partnership commits to accelerating that research and aims at delivering solutions in a matter of years.
Ajay Bhalla, president, cyber and intelligence solutions, Mastercard said:
“This partnership will help us and our industry reduce first-use plastic in cards. Together, we can build on recent research and tests and drive adoption of environmentally friendly materials on a larger scale.”
Gabrielle Bugat, Head of the Financial Services Division at Giesecke+Devrient Mobile Security said
“As a participant of the Greener Payment Partnership we work on the standardization of bio-sourced materials in payment cards.”
Pierre Barrial, executive vice president for financial institutions activities at IDEMIA said
“We’re delighted to partner with Mastercard to deliver viable, environmentally friendly alternatives that bring positive change to the industry as a whole.”
Sylvie Gibert, senior vice president of payment cards, Gemalto said:
“Environmental-friendly products are now a priority for all stakeholders in the payment eco-system. We are committed to supporting this partnership formed by Mastercard, and we have already adopted sustainable practices in our banking card business. This initiative comes at a time where we see a growing interest from the banks for greener cards.”
- It’s a great initiative. However, it looks like Mastercard is afraid of acting alone.
- Bringing a solutions to the market in a few years is not very ambitious or disruptive.
- Mastercard could do much better than this.