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Visa launches Eco Benefits solutions in Australia and NZ

By Catherine Knowles
Thu 4 Aug 2022

Visa has announced the launch of Visa Eco Benefits in Australia and New Zealand (A/NZ). Eco Benefits is a suite of sustainability-focused solutions that will help Visa cardholders better understand the environmental impact of their day-to-day payments, the company states.

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 A/NZ 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, according to Visa.

A new Visa/YouGov survey finds that 56% of consumers in Australia expect their bank to offer eco-friendly payment solutions. On top of this, more than one third (36%) would switch banks in order to access a product or service that helps them understand the carbon footprint of their spending. In New Zealand these figures are even higher, totalling 58% of consumers and 41% respectively.

Julian Potter, Visa's group country manager for Australia, New Zealand and South Pacific, says, “The majority (72%) of people in Australia said they are more likely to make more environmentally friendly purchases if they’re able to see their carbon footprint and take steps to change their spending habits. Our bank and fintech partners across Australia can now add these sustainability features to existing Visa cards."

Potter contnues, "Eco Benefits is a continuation of Visa’s global aspiration to be a climate positive company using our products, services, data, network and brand to drive sustainable commerce and support the transition to a low-carbon economy."

The following solutions are included in Visa Eco Benefits:

  • Carbon footprint calculator: insights powered by Verrency for cardholders to understand the estimated carbon footprint generated by their purchases.
  • Carbon offsets: cardholders can elect to offset their carbon footprint from a range of specially curated projects in areas such as forestry and clean energy.
  • Charitable contributions: donations to environmental organisations can be triggered when Visa cards are used.
  • Card materials: physical payment cards made from sustainable materials.
  • Personalised education: cardholders can access personalised tips and education on sustainable consumption.

Verrency global CEO Jeroen van Son says, “Consumer household expenditure - the products and services we purchase every day - is a major contributor of global greenhouse gas emissions. That gives us as consumers a phenomenal opportunity to address climate change by off-setting the carbon footprint of our day-to-day behaviour 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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