Consider the carbon
impact of the average grocery list. Each item on it represents a quantity of
energy and resources used in production, processing, and packaging. Then factor in the
mileage and fuel used in bringing these products from farm or factory to shop,
and from the shop to stove and table. Finally, post-consumption, how much can
be reused or recycled – or only simply discarded?
In a recent survey of
Asia Pacific consumers, 78% said they are more likely to make environmentally
friendly purchases if they can see their carbon footprint. 68% of them expect
their bank to offer eco-friendly payment solutions, and over half (52%) would
switch banks to access a product or service that helps them understand the
carbon footprint of their spending.
While it is possible
to minimise one’s carbon footprint by making informed, ethical choices,
consumers are aware of measures that can help mitigate it altogether – through
carbon offsetting.
Here’s where Visa’s
Eco Benefits suite of sustainability-focused features can help. Through their
banks, Asia Pacific Visa users will be able to access a “carbon footprint
calculator” within their banking app. Developed by fintech innovator Verrency, the
calculator estimates the carbon footprint generated in each purchase. Choosing
from a range of specifically curated projects, Visa users can then elect to
offset their carbon footprint by donating to an environmental organization or
to areas such as forestry and clean energy.
By enabling banks to seamlessly integrate a
suite of eco-positive features into its transaction banking, Visa empowers
consumers across Asia Pacific to make informed, sustainable choices – and
offset carbon impact, on the spot, effortlessly.
The Visa Eco Benefits
product suite will enable banks to empower Visa users by providing data to know
and understand their personal carbon impact. The product suite will also provide
options for a low impact way for consumers to act and offset their
environmental impact by supporting carbon offset projects in areas that are
relevant to them.
Here’s how it
works:
Visa users will be
able to access a transactional Carbon Impact Index and Calculator that
determines the CO2 impact of each card purchase through their banking app. The
app will then provide them the ability to automatically offset the carbon that
is generated from the purchase transaction by donating the equivalent carbon
offset credits to a carbon offset project of their choice.
Knowing and
understanding the impact of a Visa user’s consumption:
- A Visa user
makes a purchase using their physical or digital Visa card (also
known as a Visa credential). - Through the banking app, Visa’s
Eco Benefits product suite will use leading independent data sets adjusted for
both location and lifestyle choices. - The consumer can then see their
carbon footprint by category over a month (or longer). - The consumer will be able to
drill down and see their impact from each individual transaction. They can also
compare their impact to the community.
Taking Action &
Offsetting
- The Visa user
can choose to offset individual transactions listed in their banking app. - Or nominate
a monthly limit on offsets. - They will
be shown where their offset donation will be sent or choose their own
investment area. - Regular
spends can also be paired with weekly offsets, automatically purchased.
