Mastercard has announced that it will be removing first-use, PVC plastics from payment cards on its network by 2028, as part of its sustainability commitments.
Newly-produced plastic payment cards will be required to be made from more sustainable materials, such as recycled or bio-sourced plastics, and approved through a certification program.
Mastercard’s Sustainable Card Program has already transitioned over 168 million cards to recycled and bio-based materials since its launch in 2018.
The rule change will see all newly made cards certified by Mastercard to assess their composition and sustainability claims; this certification will then be validated by an independent third-party auditor. Once a card has been validated it can be imprinted with a Card Eco Certification mark.
“At Mastercard we are leading and shaping our industry’s collective pursuit of a more sustainable, more environmentally conscious future,” said Ajay Bhalla, President of Cyber & Intelligence at Mastercard.
As our customers respond to increased consumer desire to make more eco-friendly choices, we are making a firm commitment to reducing our environmental footprint – for the benefit of people, planet and inclusive growth.
Mastercard established its sustainability efforts more than a decade ago with a focus on financial inclusion, data responsibility and the environment. Through its network, it collaborates with partners to bring new environmental innovations and initiatives to market, such as our Priceless Planet Coalition, Carbon Calculator as well as the Sustainable Card.
“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,” said Ellen Jackowski, Chief Sustainability Officer for Mastercard.
The company will also support its global issuing partners in transitioning away from virgin PVC. The rule change will see all newly-made cards certified by Mastercard and validated by an independent third-party auditor.
Partner banks have praised the initiative as a significant step for the financial services sector’s efforts to build a more sustainable future.