Spain’s CaixaBank is launching its first biodegradable card in an attempt to tackle the threat of climate change.
According to the Spanish Bank, the new card will cut the carbon footprint caused by manufacturing cards in half.
It will be introduced in September 2019 and is made of corn starch and biomass.
A spokesperson for CaixaBank said: “The launch of this product represents a significant step forward in a plan specifically designed to reduce the environmental impact of the Company’s cards. From now on, all gift cards issued by CaixaBank will be biodegradable.
“The plan includes both replacing the manufacturing material of the range of gift cards, and creating a new recycling programme for all card types.”
This initiative comes at a time where there is increasing pressure put on businesses to lower their carbon emissions.
CaixaBank aims to distribute around 150,000 units of the card per year, which will be available in any branch.
Due to its material composition the card will last for approximately two years.
Alongside this, CaixaBank are also introducing a new system for recycling both plastic and biodegradable cards within its branches.
Customers will now be able to hand in their expired card at their branch, which will take care of the recycling process. The different components of the expired cards will be separated and distributed across the relevant recycling channels.
CaixaBank are also testing alternative materials to PVC to make contactless and chip-and-pin cards more environmentally friendly.
Additionally, the bank has a history of endorsing ‘green’ initiatives and last year spent $1.45bn on the green loan market.
In June 2019, CaixaBank partnered with Global Payments and Ingenico to create an international innovation programme. The programme was designed to support start-ups in the fintech and business sectors.