Visa, a global leader in digital payments, has announced the launch of its Visa EcoBenefits solution in Qatar in collaboration with Berlin-based financial technology company and Visa partner Ecoletech, through its Sustainability as a Service® solution. “.
The Visa EcoBenefits will allow Visa card issuers to add sustainability-focused solutions to their existing Visa credit and debit card products, enabling cardholders to understand the impact of their spending on the environment, as well as encouraging sustainable consumption and behaviors.
With this new offer, Visa reaffirms its commitment to promoting and enabling sustainable trade and climate action in the payments sector, and supporting its customers’ goals to meet cardholders’ growing demand for meaningful sustainable products.
“As consumers’ concerns about sustainability rise, Visa EcoBenefits provides financial institutions with a tool to help their clients understand the impact of They spend better on the environment, facilitate everyday behavior change, and make positive contributions to climate action.”
Visa EcoBenefits solutions include the following tools:
Carbon Footprint Calculator, a proprietary algorithm that converts transaction details into an estimate of the carbon footprint of cardholders’ spending.
Extended rewards for cardholders for sustainable behavior as determined by their bank.
Access to environmental projects that help clients achieve climate neutrality goals through charitable donations and carbon credits.
Personal awareness and education for clients in the form of small pieces of content that include recommendations on how to live and lead a more sustainable lifestyle.
A program of sustainable label materials and specific marketing of products with the aim of environmental awareness.
According to a recent study by GlobeScan, a polling and research company, global concern about climate change is at an all-time high, and the majority of individuals who live with children under the age of 18 say that their children are very concerned about environmental problems and climate change.
The Visa EcoBenefits package is a continuation of Visa’s global ambition to be a climate positive company, using its products, services, data, network and brand to promote and enable sustainable trade and support the transition to a low carbon economy. In 2021, Visa announced its pledge to reach net zero emissions by 2040, ten years ahead of the Paris climate agreement target.
“Sustainability is the major challenge of our time, but also one of the greatest opportunities for the finance industry,” said Ulrich Pietsch, Co-Founder and Managing Director of Ecoletech. “When equipped with the right tools such as the ‘Visa EcoBenefits’ package, the finance industry can To become the driving force for change by educating millions of consumers on the impact of their spending on the environment and empowering them to take effective action towards climate action to build the sustainable future we all deserve.”
