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.
In Vietnam, Visa Eco Benefits aligns with the Prime Minister’s National Green Growth Strategy for 2011-2030 with a vision by 20501 by promoting greener lifestyles and sustainable production. The new product is also in line with the State Bank of Vietnam’s scheme on green bank development2 by promoting greener financial services and more sustainable habits among clients.
“Vietnamese people are growing increasingly conscious of the plight of our environment and are keen to adapt,” said Ms. Dung Dang, Visa Country Manager in Vietnam and Laos. “Visa Eco Benefits will meet a substantial need by empowering consumers to cut their environmental footprint in ways they could never before. Our bank and fintech partners 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 emissions3,” 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
1 Decision No. 1658/QD-TTg dated October 1, 2021 on approval for National Green Growth Strategy for 2021 – 2030 period, with a vision by 2050
2 Decision No. 1604/QĐ-NHNN dated August 7, 2018 on approval for the State Bank of Vietnam’s scheme on green bank development
3 Columbia 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 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 survey was conducted in the following markets: Vietnam, Thailand, Singapore, Philippines, Malaysia, New Zealand, Australia, China, Indonesia, Hong Kong, India, Korea, Japan and Taiwan.
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.