Mastercard has announced that it is accelerating efforts to remove the first–use, PVC plastics from payment cards on its network by 2028.
According to Mastercard, from January 1, 2028, all newly–produced plastic payment cards will be required to be made from more sustainable materials – including recycled or bio-sourced plastics such as rPVC, rPET, or PLA – and approved through a certification program, in a first move for a payment network. The company will support its global issuing partners through the transition away from virgin PVC.
This move further reinforces the company’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.
Ajay Bhalla, President of Cyber & Intelligence at Mastercard noted that at Mastercard, they are leading and shaping their industry’s collective pursuit of a more sustainable, more environmentally conscious future.
“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.”
Ajay Bhalla
Meanwhile, 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.
Advancing Climate Action and Reducing Waste
Ellen Jackowski, Chief Sustainability Officer for Mastercard, on her part, said, “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”.
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.
Today’s announcement further accelerates these efforts, while also complimenting the company’s work to deliver innovative, digital-first card programs that fully eliminate the need for physical card offers.
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.
Mastercard Inc. is the second-largest payment-processing corporation worldwide. It offers a range of financial services. Throughout the world, its principal business is to process payments between the banks of merchants and the card-issuing banks or credit unions of the purchasers who use the Mastercard-brand debit, credit, and prepaid cards to make purchases. Mastercard has been publicly traded since 2006.
Mastercard (originally Interbank then Master Charge) was created by an alliance of several banks and regional bankcard associations in response to the BankAmericard issued by Bank of America, which later became Visa, still its biggest competitor. Prior to its initial public offering, Mastercard Worldwide was a cooperative owned by the more than 25,000 financial institutions that issue its branded cards.
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