The new Eco Benefits solution will allow Visa issuers to add sustainability-focused features to existing Visa credit and debit products, encouraging sustainable consumption and behaviours
Visa partnered with the Berlin-based fintech ecolytiq, leveraging its Sustainability-as-a-Service solution to launch Visa Eco Benefits solution in the United Arab Emirates (UAE).
Eco Benefits is a suite of sustainability-focused solutions issuers can add to their credit and debit offerings. The features would help Visa cardholders in the country better understand the environmental impact of their shopping activities and habits.
These solutions include a carbon footprint calculator, carbon offsets, financial education tools related to ESG goals, issuing of bank cards made of sustainable materials, rewards for sustainable behaviours, linked donations to environmental organizations, etc.
With this new offering, Visa reaffirms its commitment to driving climate action in the payments industry and meeting increasing cardholders’ demand for sustainable and purpose-led products.
In 2020, Visa launched its first eco-friendly payment card in partnership with card provider CPI Card Group. The Earthwise High Content Card was made of nearly 98% recycled plastic.
Now, the range of Visa sustainable cards is wider. Thus, the company supports its financial institution clients with additional sustainable card material options, such as rPVC, polylactic acid (PLA), etc.
Founded in March 2020, ecolytiq offers a suite of B2B2C services including:
- ecoPotential – helping banks and financial service providers comprehend the impact they could have on the carbon footprint reduction;
- ecoAware – reflection of the customer’s environmental footprint (e.g. CO2) on their bank statements for each payment transaction;
- ecoEngage – engages bank customers by educating them on what they can do to reduce their individual environmental impact;
- ecoAction – invites bank customers to compensate or sustainably invest their remaining environmental footprint to become climate neutral.