The Visa Eco Benefits Solution encourages sustainable choices for cardholders

Visa launches new ‘Eco Benefits’ solution in United Arab Emirates (UAE) in partnership with Berlin-based fintech ecolytiq and its ‘Sustainability-as-a-Service’ solution.

Visa Eco Benefits will enable Visa issuers to add sustainability-focused solutions to existing Visa credit and debit products. This move also enables cardholders to understand the impact of their spending on the environment, as well as encouraging sustainable consumption and behaviour.

The Visa ‘Eco Benefits’ solution has a wide range of tools, including:

• Carbon Footprint Calculator; a proprietary algorithm that transforms transaction details into the estimated carbon footprint of cardholder spending.
• Extended rewards for cardholders for sustainable behavior (as determined by their bank).
• Access to environmental projects that help customers towards net zero goals through charitable donations and carbon credits.
• Personal training for customers; small pieces of content with recommendations on how to live a more sustainable lifestyle.
• Sustainable card material program and specific marketing of the products with the environmentally conscious goal

Otto Williams, SVP Head of Product, Solutions and Partnerships CEMEA, at Visa, discussed what the solution offers. Williams said: “With consumer concerns about sustainability at an all-time high, Visa Eco Benefits provides financial institutions with a tool to help their customers better understand their impact, facilitate everyday behavior change and make positive climate contributions.”

“Sustainability is the challenge of our time”

Concern about climate change is at a record high level worldwide; revealed one recently GlobeScan study. A majority of people living with children under the age of 18 said their children are concerned about environmental issues.

The Visa Eco Benefits package is a continuation of Visa’s ambition to be a climate-positive company. Visa explained that it plans to use its products, services, data, network and brand to drive sustainable commerce. It is also looking to support the transition to a low-carbon economy. In 2021, Visa announced a pledge to reach net-zero emissions by 2040, ten years ahead of the Paris climate agreement target.

Ulrich Pietsch, co-founder and CEO of ecolytiq, also commented on the launch. Pietsch said: “Sustainability is the challenge of our time, but also one of the biggest opportunities for the financial services industry. Equipped with the right tools like the Visa Eco Benefits suite, the financial industry becomes the driving force for change by educating millions of consumers about their impact and by empowering them to take effective climate action to build the sustainable future we all deserve.

The Eco Benefits offer sees Visa confirm its commitment to sustainable trade and climate action in the payments industry. The payment manager supports the customers’ goal of meeting increasing demand from cardholders for sustainable and purpose-driven products.