India-based Airtel Payments Bank , a multi-segment fintech, has launched an eco-friendly debit card for its new and existing customers with a savings bank account. The debit cards are crafted from r-PVC material, which is a certified eco-friendly material.

With this adoption, Airtel Payments Bank aims to make a considerable impact on environmental preservation. Each production batch of 50,000 cards produced with r-PVC material is expected to yield a reduction of 350 kilograms of carbon emissions. This is in comparison to conventional PVC cards which are commonly used within the market.

Furthermore, the shift to r-PVC card production can result in a 43% decrease in hydrocarbon usage, thereby enabling the reduction of petroleum consumption during manufacturing. Additionally, by adopting eco-friendly debit cards, Airtel Payments Bank will also contribute to water conservation, aiming to save 6.6 million litres of water per every batch of r-PVC cards. In terms of offerings, Airtel Payments Bank is set to introduce two cards under the Classic variant – Personalised Classic Card and Insta Classic Card. Customers are able to order the Personalised Card via the Airtel Thanks app, while the Insta Card will be available at select neighbourhood banking points in the near future.

Both cards will offer rewards including ecommerce benefits of up to INR 10,000, and free One Dines across major cities of India. Moreover, Airtel Payments Bank plans to soon come up with more cards made with eco-friendly materials. More about Airtel Payments Bank Airtel Payments Bank is a fintech company operating at scale with a banking license.

The company offers a varied range of safe and simple banking solutions through a network of banking points spread throughout India. The Bank has also built a digital payments ecosystem across the country. Airtel Payments Bank’s mission is aimed at contributing to the government's vision of Digital India and financial inclusion by taking digital banking services to the doorstep of every Indian.

A shift towards eco-friendly payments creates competitive advantage According to the Global Sustainability Study 2021, 85% of consumers said they have shifted their purchases towards being more sustainable in the past five years. Therefore, it does not come as a surprise that banks have started to offer ecofriendly cards. Some players have created innovative cards that can reduce climate change, and card issuers that develop green products can gain a competitive advantage.

Since more consumers are becoming increasingly concerned with climate change and want to make a difference, card issuers would be able to gain an edge over consumers by developing innovative programmes. A Nielsen study showed that 81% of global respondents feel that companies should help improve the environment. This passion for corporate social responsibility is also shared across gender lines and generations.

For this reason, card issuers and financial institutions that want to have a playing advantage may benefit by being key players in developing innovative eco-friendly card programmes that go beyond just donations or non-plastic cards and actually aim to reshape the world. .