Digital payment service provider Visa announced earlier this week the launch of Visa Eco Benefits in the Asia-Pacific region in order to meet increasing demand for sustainable financial services.
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, the multinational company said in a press release on Wednesday.
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.
Sixty-six percent of consumers in the Asia-Pacific region expect their bank to offer eco-friendly payment solutions, according to a new Visa/YouGov survey.
Over half (52 percent) 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 a national green growth strategy for 2011-2030 with a vision for 2050 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 development 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 Dung Dang, Visa country manager for 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."
Consumer household expenditure – the products and services people purchase every day – is a major contributor of global greenhouse gas emissions, said Jeroen van Son, Global CEO of Verrency.
"That gives us as consumers a phenomenal opportunity to address climate change by offsetting the carbon footprint of our day-to-day behavior 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."
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