Mastercard has announced its commitment to eliminating first-use PVC plastic from payment cards on its network by 2028.
In order to eliminate first-use PVC plastic from payment cards on its network by 2028, Mastercard is stepping up its efforts in this area. The choice strengthens the business’s commitment to sustainability and expands the reach of more environmentally friendly card options for customers looking for a means to lessen the effect of their wallets.
Starting January 1, 2028, all new plastic Mastercard payment cards must be made of sustainable plastics. Recycled or bioplastics will be certified. (such rPVC, rPET, or PLA). Mastercard will follow its international issuing partners in abandoning virgin PVC.
Mastercard’s 2018 Sustainable Card Program. Over 330 card issuers from 80 countries have joined, collaborating with top card manufacturers to switch over 168 million cards on its network to recycled and bio-based materials.
Mastercard’s latest announcement accelerates these initiatives and supports the company’s attempts to create innovative, digital-only card products.
The rule change requires Mastercard to validate all new cards for composition and sustainability. An independent auditor will verify this certification. After confirmation, cards can bear a “Card Eco Certification” label.
Mastercard’s head of cyber and intelligence, Ajay Bhalla, claimed the corporation is driving the industry toward sustainability and environmental awareness. We reduce our environmental impact for people, the planet, and inclusive growth due to consumer demand for eco-friendly products.
Responses to the action
Mastercard’s chief sustainability officer, Ellen Jackowski, outlined the company’s sustainability objectives. Jackowski said Mastercard is working toward net zero emissions and using its network and size to promote a low-carbon, regenerative economy.
According to Starling Bank chief banking officer Helen Bierton, the project marks a major banking shift. She called this endeavor a welcome step toward sustainability. As one of the first banks to remove first-use PVC from debit cards, we realize how important this is to our customers.
“We recognize that strong partnerships and support for Mastercard’s efforts to extend the program to its entire network are necessary.”
Taylan Turan, group head of retail banking at HSBC, said this Mastercard news is significant for the financial services industry. New sustainable materials like rPVC allow our sector to accelerate its sustainability efforts.
As part of our net zero strategies at HSBC, we’ve already introduced recycled plastic payment cards across 28 of our global markets and required sustainable materials for all debit, credit, and commercial cards in our product governance, removing 85 tonnes of plastic from the trash. I’m delighted we’re part of the global movement.”