The card, according to the release, is a more sustainable alternative to other cards and will function as a way to reduce plastic waste from polluting the environment by using environmentally friendly materials to make it.
The card is made with rPETG, a type of upcycled plastic, according to the release. By combining rPETG with essential non-plastic components like the EMV chip, the card is around 98 percent made using recycled materials, depending on the final card design each user ends up going with.
The agreement is exclusive for Visa users, and the companies will provide the Visa-branded cards to Visa-issuing financial institutions (FIs). The card will work for both contact and contactless payments, according to the release.
The press release cites a CPI survey which found that 73 percent of respondents want their FIs to be environmentally conscious, while over 57 percent would be interested in a new card that was made with recycled materials.
“Visa is committed to advancing sustainability in everything we do, from the 100 percent renewable electricity that processes transactions in our data centers, to the sustainable card materials coming to cardholders’ wallets,” said Douglas Sabo, vice president and head of corporate responsibility and sustainability at Visa. “Our collaboration with CPI signifies a further milestone in our efforts to drive our goal of inclusive growth with a commitment to protecting the environment. We’re proud that this offering will ultimately benefit the entire payments industry and environment.”
CPI has worked on other environmentally friendly cards before, including the Second Wave cards.