Visa has launched its
Eco Benefits solution in the United Arab Emirates (UAE) in partnership with the
Berlin-based fintech and Visa partner ecolytiq and its
Sustainability-as-a-Service® solution.
The Visa Eco Benefits
will allow Visa issuers to add sustainability-focused solutions to existing
Visa credit and debit products, enabling cardholders to understand the impact
of their spending on the environment, as well as encouraging sustainable
consumption and behaviors.
With this new offering,
Visa reaffirms its commitment to driving sustainable commerce and climate
action in the payments industry, supporting its clients’ objectives to meet
increasing demand from cardholders for sustainable and purpose-led products.
SVP Head of Product, Solutions
and Partnerships CEMEA at Visa, Otto Williams, said with consumer concerns
around sustainability at an all-time high, Visa Eco Benefits give financial
institutions a tool to help their clients better understand their impact,
facilitate daily behavior change, and make positive climate contributions.
According to a recent
GlobeScan study, global concern about climate change is at an all-time high and
a majority of people living with children under the age of 18 say their
children are very worried about environmental problems and climate
change.
The Visa Eco Benefits
bundle 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.
“Sustainability is the
challenge of our time, but also one of the greatest opportunities for the
finance industry,” said Ulrich Pietsch, Co-Founder, and Managing Director at
ecolytiq. “Equipped with the right tools
like the Visa Eco Benefits bundle, the finance industry becomes the driving
force for change by educating millions of consumers about their impact and by
empowering them to take effective climate action to build the sustainable
future we all deserve.”
