Mastercard, a leading provider of payment technology, has made plans to phase out PVC-based first-use plastic from its network of payment cards by 2028.
According to a statement from the company, starting on January 1, 2028, all newly created plastic payment cards must be made from more environmentally friendly materials, such as recycled or bio-sourced plastics like rPVC, rPET, or PLA, and must also be certified.
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.
The firm said it will support its global issuing partners through the transition away from virgin PVC.
The move to phase out plastic cards reinforces the firm’s sustainability commitments and scales the accessibility of more sustainable card offerings for consumers seeking a way to reduce the environmental impact of their wallets.
“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.
It also compliments the firms’ work to deliver innovative, digital-first card programs that fully eliminate the need for a physical card offering.
“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 launched its Sustainable Card Program in 2018. Since then, over 330 issuers across 80 countries have signed up, working in partnership with major card manufacturers to transition more than 168 million cards across its network to recycled and bio-based materials.
Source: The Star