Visa launching eco-friendly payment solutions in Australia

08/03/2022

• New Visa Eco Benefits help cardholders understand the environmental impact of their payment transactions
• More than one third of consumers in Australia would switch banks for products that help them calculate their carbon footprint


Visa, a world leader in digital payments, today announced the launch of Visa Eco Benefits in Australia. Eco Benefits is a suite of sustainability-focused solutions that will help Visa cardholders better understand the environmental impact of their day-to-day payments. They can 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.

Banks in Australia that sign up for Eco Benefits will be able to offer these solutions to their Visa cardholders and meet a growing demand for sustainable financial services. According to a new Visa/YouGov survey, 56 per cent of consumers in Australia expect their bank to offer eco-friendly payment solutions. And over one third (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,” said 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.”

The following solutions are included in Visa Eco Benefits:

  • Carbon footprint calculator: insights powered by Verrency for cardholders to understand the estimated carbon footprint generated by their purchases
  • Carbon offsets: cardholders can elect to offset their carbon footprint from a range of specially curated projects in areas such as forestry and clean energy
  • Charitable contributions: donations to environmental organisations can be triggered when Visa cards are used
  • Card materials: physical payment cards made from sustainable materials
  • Personalised education: cardholders can access personalised tips and education on sustainable consumption

“Consumer household expenditure - the products and services we purchase every day - is a major contributor of global greenhouse gas emissions1,” said Jeroen van Son, global CEO of Verrency. “That gives us as consumers a phenomenal opportunity to address climate change by off-setting the carbon footprint of our day-to-day behaviour and start to live a carbon neutral life. Up until now, customers did not have any convenient tools to take decisive action to offset their carbon footprint. Verrency’s Carbon Action Index changes that. From now on, consumers can choose to live a carbon neutral life, just by using their Visa card as they do today.”

Visa Eco Benefits is another way that Visa is expanding its network beyond payment transactions to deliver more insights to its partners and their customers.

In 2021, Visa announced a pledge to reach net-zero emissions by 2040, ten years ahead of the Paris Climate Agreement goal.

For more information on Visa’s commitment to sustainability, visit visa.com/ESG

 

1Columbia Climate School, “How Buying Stuff Drives Climate Change” December 2020

 

About the Visa/YouGov study
All figures, unless otherwise stated, are from YouGov Singapore Pte Ltd. Total sample size was 1,031 in Australia. Fieldwork was undertaken between 23 June – 5 July 2022. The survey was carried out online. The figures have been weighted and are representative of all adults (aged 18+) nationally in each of the respective markets.

About Visa Inc.
Visa is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.