Visa launching eco-friendly payment solutions in Asia Pacific

• New Visa Eco Benefits help cardholders understand the environmental
  impact of their payment transactions
• Over half of consumers in Asia Pacific 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 Asia Pacific. Eco Benefits is a suite of sustainability-focused
solutions that will help Visa cardholders across the region 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 Asia Pacific 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, 66 per cent of
consumers in Asia Pacific expect their bank to offer eco-friendly payment
solutions. Over half (52 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 (78 per cent) of people in Asia Pacific 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 Chris Clark,
president, Asia Pacific, Visa. “Our bank and fintech partners across the region
can now add these sustainability features to existing Visa cards. Eco Benefits
is another way that Visa is expanding our network beyond payment transactions
to deliver more insights to our partners and their customers.”  

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 emissions[1],”
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 a continuation of Visa’s global aspiration to be a climate
positive company, using its products, services, data, network and brand to
drive sustainable commerce and support the transition to a low-carbon economy.
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

About the Visa/YouGov study

All figures, unless otherwise stated, are from YouGov Singapore Pte Ltd.
Total sample size was 14,356 adults across 14 markets. 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. The figures have been weighted and are
representative of all adults (aged 18+) nationally in each of the respective
markets. The survey was conducted in the following markets: Vietnam, Thailand,
Singapore, Philippines, Malaysia, New Zealand, Australia, China, Indonesia,
Hong Kong, India, Korea, Japan and Taiwan.

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