- On July 16, 2020
Visa has an ambition to improve the world and minimize its environmental impact. Thus, they are collaborating with the CPI Card Group to produce ‘Earthwise High Content Card’ for Visa cardholders. The credit card, made of 98% upcycled plastic, would enable both contactless and contact payments. Besides this, the aim is to make cards EMV compliant with dual-interface capability.
A closer look at the credit card’s composition details shows that it comprises a post-industrial upcycled plastic, rPETG. This step makes eliminating plastic waste possible. The material does not come from scrapped plastic. The upcycled approach involves using plastic derived from existing materials or used packaging. An example could be that of the industrial products detracted from the landfills.
Moreover, the company understands the negative impact of issuing more credit cards. Despite the fact that they want more customers, they are taking this step to reduce the damage to the environment. Hence, they took it as their responsibility to make efforts for a sustainable future.
Due to recent guidelines, the use of plastic is under great scrutiny. The rampant disposal of plastics cast a significant impact on the oceans and landfills. This issue requires an immediate solution.
Douglas Sabo, a leading figure at Visa, said that the company does not produce credit cards. However, they realize their responsibility and are collaborating with companies that make cards.
It marks a significant milestone in our pursuit of minimizing the negative impact on the environment. Additionally, he pointed out that the offering will protect the environment and prove beneficial to the payment industry.
The announcement about the introduction of the Earthwise High Content credit card came with a CPI survey. The survey showed that 73% of the participants want financial institutions to operate sustainably. On the other hand, 57% of them said that they are interested in and looking forward to new cards made of recycled materials.
The Other Side of the Coin: Issuers’ Take on the Collaboration
The card’s “life cycle” is the fulcrum of the collaboration between Visa and CPI Card Group as they make it available to numerous FI issuers. The company aims to produce a card with EMV technology while being sustainable. The process will impact the material used as well as distribution of the cards.
The initial feedback has been positive and encouraging from the issuers’ side, and consumers are more than willing to embrace the development owing to its environmental-friendliness.