Visa Announces the “Visa Eco Benefits” Sustainability Bundle to Empower Issuers to Meet Climate-Conscious Consumer Demand
November 09 2021 - 2:00AM
Business Wire
New account benefits bundle expands Visa’s
sustainability solutions for clients as part of company’s climate
positive goal
Visa (NYSE: V), a leading global payments technology company,
announced today the launch of Visa Eco Benefits, a new package of
sustainability-focused benefits for account issuers designed to
enable and encourage their cardholders to engage in sustainable
consumption behaviors. The Visa Eco Benefits bundle will be
available first in Europe and then rolled out globally during the
next year to Visa’s clients. With this new offering, Visa continues
to play a leading role in driving sustainable commerce and climate
action in the payments industry, supporting its clients’ objectives
to meet increasing demand from cardholders to enable sustainable
consumption and living.
The Visa Eco Benefits bundle will allow Visa issuers to add
sustainability-focused benefits to existing Visa cardholder
credit/debit products, enabling cardholders to understand the
impact of their spending on the environment, as well as encourage
sustainable consumption and behaviors. Available features at launch
or over time are expected to include:
- Carbon footprint calculator: insights offered by
ecolytiq for cardholders into the estimated carbon footprint of
their spend, including a new temperature score, which helps
cardholders understand the climate impact of their personal
spending behavior and how their consumption choices contribute to
the 1.5°C Paris Climate Change Agreement goal
- Carbon offsets: ability for cardholders to offset their
greenhouse gas emissions impacts
- Personalized education for customers on how to encourage
more sustainable consumption
- Sustainable card materials, including a collaboration
with CPI Card Group and digital receipts
- Donations to environmental organizations when Visa cards
are used, including One Tree Planted, a global reforestation
non-profit organization
- Expanded rewards for cardholders for sustainable
behaviors
“At Visa, we recognize the urgency of climate change and are
committed to a new era of sustainable and inclusive economic
growth,” said Charlotte Hogg, executive vice president and chief
executive officer, Europe, Visa. “As an engine of global commerce,
we have the opportunity to work with clients and partners around
the world to help embed sustainability into the payments ecosystem
and support cardholder and business choices through the
transition.”
According to a recent GlobeScan study of 31,000 people across 31
markets, consumers continue to have high ambitions for sustainable
living. According to Visa cardholder research, these high
aspirations for sustainable living carry through to banking and
payments. For example, a majority of U.S. cardholders surveyed
agreed that sustainability is important to them, with 62% very
likely or somewhat likely to apply for a sustainability-focused
payment card and trends skewing higher in the millennial
generation. In Europe, cardholders ranked sustainability-focused
features most important after traditional card benefits like fraud
protection and acceptance in choosing their next payment card.
The Visa Eco Benefits bundle is a continuation of Visa’s global
aspiration to be a climate positive company, using its products,
services, data, network and brand to drive sustainable commerce and
support the transition to a low-carbon economy. Earlier this year,
Visa announced a pledge to reach net-zero emissions by 2040, ten
years ahead of the Paris Climate Agreement goal.
“Sustainability is the challenge of our time, but also one of
the greatest opportunities for the finance industry,” said Ulrich
Pietsch, co-founder and chief executive officer, ecolytiq.
“Equipped with the right tools like the Visa Eco Benefits bundle,
the finance industry becomes the driving force for change by
educating millions of consumers about their impact and by
empowering them to take effective climate action to build the
sustainable future we all deserve.”
Visa’s Eco Benefits bundle is the latest milestone in Visa’s
sustainability leadership. The company’s recognition includes
inclusion on the following: Dow Jones Sustainability North American
Index, America’s Most Responsible Companies, and 100 Most Just
Companies.
For more information on Visa’s commitment to sustainability,
please visit: visa.com/ESG.
About Visa Inc.
Visa is a world leader in digital payments. Our mission is to
connect the world through the most innovative, reliable and secure
payment network – enabling individuals, businesses and economies to
thrive. Our advanced global processing network, VisaNet, provides
secure and reliable payments around the world, and is capable of
handling more than 65,000 transaction messages a second. The
company’s relentless focus on innovation is a catalyst for the
rapid growth of connected commerce on any device. As the world
moves from analogue to digital, Visa is applying our brand,
products, people, network and scale to reshape the future of
commerce. For more information visit usa.visa.com/about-visa.html,
usa.visa.com/visa-everywhere/blog.html and @VisaNews.
This release contains forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995. Forward-looking statements generally are identified by words
such as “will,” “plans,” “is expected,” and other similar
expressions. Examples of forward-looking statements include, but
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Visa Media Lindy Mockovak lindy.mockovak@visa.com
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