Visa Launches Eco Benefits Solution in Pakistan
In collaboration with the Berlin-based fintech and Visa partner ecolytiq and its Sustainability-as-a-Service® solution, Visa announced the launch of its Eco Benefits service in Pakistan.
With the help of Visa Eco Benefits, cardholders will be able to understand how their spending affects the environment and be encouraged to engage in sustainable purchases and behaviours. These solutions will be added to existing Visa credit and debit products.
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With this new service, Visa confirms its dedication to advancing green business practises and climate action in the payments sector and assisting its businesses in meeting the rising demand from cardholders for such goods.
According to Otto Williams, SVP Head of Product, Solutions and Partnerships CEMEA, “Consumer concerns about sustainability are at an all-time high, and Visa Eco Benefits give financial institutions a tool to help their clients better understand their impact, facilitate daily behaviour change, and make positive climate contributions.”
The Visa Eco Benefits solution includes instruments like:
- A proprietary system known as the carbon footprint calculator converts transactional information into an estimated carbon footprint of cardholder spending.
- cardholders will receive more rewards for sustainable behaviour, as determined by their bank.
- Access to environmental initiatives that support clients’ efforts to achieve net zero goals through donations to charities and carbon credits.
- short content pieces providing advice on how to live a more sustainable lifestyle that are personalised education for clients.
- Programme using sustainable cardstock and targeted product marketing with an emphasis on the environment.
- Global worry about climate change is at an all-time high, according to a recent GlobeScan poll, and the majority of adults who have children under the age of 18 believe their kids are very concerned about environmental issues and climate change.
The Visa Eco Benefits package is a continuation of Visa’s global ambition to be a climate-positive business, utilising its offerings to promote sustainable trade and aid in the shift to a low-carbon economy. In 2021, Visa declared its intention to achieve net-zero emissions ten years before the Paris Climate Agreement’s deadline of 2040.
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Ulrich Pietsch, Co-Founder and Managing Director at ecolytiq, declared that sustainability is not just one of the largest prospects for the financial sector but also a challenge of our time. “With the right tools, like the Visa Eco Benefits bundle, the finance industry becomes the driving force for change by educating millions of consumers about their impact and by giving them the tools to take effective climate action to create the sustainable future we all deserve,” says the statement.
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