Bank of America is to convert all of its credit and debit cards to 80% recycled plastic starting in 2023.
Market research conducted by Escalent this month found that more than 72% of consumers and small business clients are interested in environmental sustainability and more than 69% show favorability towards having a recycled plastic debit/credit card.
“Shifting to a recycled card product is another step toward a more sustainable solution which will help foster a circular economy,” says Mary Hines Droesch, head of consumer and small business products at Bank of America. “We are committed to incorporating sustainability throughout our business.”
Bank of America issues 54 million consumer and commercial cards annually and estimates this effort will help to reduce more than 235 tons of single-use plastics, based on its annual card issuance. The company also anticipates that switching to recycled plastic for its credit and debit card portfolio will reduce greenhouse gas emissions, energy and water usage.
Citi, likewise, has also announceed plans to to introduce Recycled PVC (rPVC) across its corporate card portfolio. The rollout will start in the Europe, Middle East, and Africa (EMEA) region, before being distributed globally.
Every rPVC card will be made with 85% recycled industrial waste per finished card and represents a reduction in CO2 emissions during the card manufacturing process, delivering a reduction of 36% CO2 emissions in comparison to a standard PVC card.