New Visa solutions allow consumers to calculate their carbon footprints
Visa has launched its Visa Eco Benefits in Australia to help cardholders understand the environmental impact of their payment transactions.
The product allows cardholders to calculate the carbon footprint generated by their Visa transactions and access options for carbon offsetting or charitable donations from their bank’s website or app.
Carbon offsets are available from a range of specially curated projects in areas such as forestry and clean energy. Donations to environmental organisations can be triggered when Visa cards are used.
The physical cards are made from sustainable materials and cardholders can access personalised tips and education on sustainable consumption.
Banks in Australia that sign up for Eco Benefits will be able to offer these solutions to their Visa cardholders and meet the growing demand for sustainable financial services.
Visa says research shows that 56 per cent of consumers in Australia expect their bank to offer eco-friendly payment solutions. And over 36 per cent would switch banks in order to access a product or service that helps them understand the carbon footprint of their spending.
“The majority (72 per cent) of people in Australia said they are more likely to make more environmentally friendly purchases if they’re able to see their carbon footprint and take steps to change their spending habits,” says Julian Potter, group country manager, Australia, New Zealand and South Pacific, Visa.
“Our bank and fintech partners across Australia can now add these sustainability features to existing Visa cards. Eco Benefits is a continuation of Visa’s global aspiration to be a climate-positive company using our products, services, data, network and brand to drive sustainable commerce and support the transition to a low-carbon economy.”