Financial institutions and credit card companies are being urged to go green in order to cut plastic waste and meet consumer expectations regarding sustainability.
The recommendation comes from an Aite Group report, Eco-Friendly Card Material: Bringing Sustainability to Card Issuance, commissioned by CPI Card Group. Such action would reduce plastic waste by using sustainable materials for debit and credit cards, according to a press release on the study.
The Aite Group, is a global research and advisory firm that provides information on the global sustainability movement and research on consumers.
“In support of changing attitudes and behaviors, environmentally friendly card materials enable financial institutions to potentially reduce plastic waste and the need for first-use polyvinyl chloride, which is considered to cause environmental damage during production,” David Shipper, senior analyst at Aite Group said in the release.
The report leverages Aite Group’s Q1 2020 interviews with 20 key decision-makers for retail banking and card activities at issuers in the U.S. and Canada.