27 August 2016
Find out more

Visa launches carbon-offset credit card in Europe

26 September 2008  |  9476 views  |  0 globe

Visa has launched a 'green' credit card that will enable its business cardholders in Europe to offset the carbon emissions created by the products it is used to pay for.

Visa has teamed with RePay International - which oversees the international ClimaCount compensation programme which enables card issuers to make all their cardholders' payments C02-neutral.

Visa says under the programme, companies and governments will be supporting sustainable projects. For example, every time a payment is made with the Visa card, the carbon emission of the product or service is established and the emission is offset through a project such as forestry or renewable energy.

All business cardholders are able to check their purchases, their carbon emissions per transaction and the way that the emission will be offset via a Web site.

"This new partnership means that we can offer members a 'green' payment capability across Europe that addresses the increasing demand for sustainable initiatives," says Luc Janssen, head of Visa Commercial. "It is also easy for member banks to get involved as they won't need to invest heavily in special back office functionality, as ClimaCount has that already in place."

Patrick Bunnik, CEO at RePay International, says the new development for the business market "is one of the next steps in broadening our ClimaCount programme".

"RePay is fully committed and equipped to deliver our plug and play solution to Visa members all over Europe," he adds.

The ClimaCount scheme is supported by NGO Conservation International and the Dutch Applied Science institute TNO.

Visa says this latest launch follows the earlier release of a carbon neutral credit card - the Visa GreenCard - in the Netherlands which was introduced into the consumer market in 2004.

Last November year Barclaycard launched a carbon-offset corporate charge card for business customers which offsets emissions created by business air travel and a linked credit card and loan product aimed at homeowners that want to reduce household carbon emissions.

Earlier in the year Barclays launched its Breathe credit card which offers customers incentives - including discounts on home insulation, green energy and holidays in the UK - to encourage greener spending. The bank also donates 50% of Breathe profits to environmental projects dedicated to reducing carbon emissions around the world.

Other banks have also jumped on the green bandwagon such as the UK's Co-operative Bank which released a credit card last year that offers a lower rate of interest on purchases made from selected ethical partners, while in 2006 Dutch banking group Rabobank launched its 'climate credit card' which contributes funds to environmentally-friendly projects every time the card is used to pay for energy-consuming goods and services.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Bank of America to cut energy costs by 50%

Bank of America to cut energy costs by 50%

30 July 2008  |  5521 views  |  0 comments
HSBC Canary Wharf HQ goes solar

HSBC Canary Wharf HQ goes solar

05 June 2008  |  7375 views  |  0 comments
Citi promotes paperless online services with 'ecosweepstakes'

Citi promotes paperless online services with 'ecosweepstakes'

15 April 2008  |  5890 views  |  0 comments
Green movement provides major market opportunity for tech firms - PwC

Green movement provides major market opportunity for tech firms - PwC

13 February 2008  |  6313 views  |  0 comments
MBNA Canada Bank launches 'carbon offset' credit card

MBNA Canada Bank launches 'carbon offset' credit card

14 November 2007  |  6978 views  |  0 comments
Citi invests EUR170m in 'greenest' data centre

Citi invests EUR170m in 'greenest' data centre

22 August 2007  |  6582 views  |  0 comments
HSBC and Barclaycard talk up 'green' initiatives

HSBC and Barclaycard talk up 'green' initiatives

02 July 2007  |  10854 views  |  0 comments
More Th>n to encourage green driving via in-car telematics

More Th>n to encourage green driving via in-car telematics

23 April 2007  |  6454 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit capgemini.comVisit VocaLink.comVisit equens.com

Top topics

Most viewed Most shared
hands typing furiouslyBig Data's Three Big Trends in 2016
7701 views 5 | 22 tweets | 13 linkedin
hands typing furiouslyHow Banks Are Losing Millions by Ignoring...
7536 views 11 | 24 tweets | 10 linkedin
Nordea looking for AI and blockchain breakthroughsNordea looking for AI and blockchain break...
6586 views comments | 17 tweets | 21 linkedin
R3 blockchain consortium sheds light on Concord projectR3 blockchain consortium sheds light on Co...
6037 views comments | 14 tweets | 14 linkedin
India's Unified Payments Interface goes live with 21 banksIndia's Unified Payments Interface goes li...
5687 views comments | 16 tweets | 18 linkedin

Featured job

Find your next job