Reducing our carbon footprint and making FinTech eco-friendly.

Reducing our carbon footprint and making FinTech eco-friendly

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As plastic payment cards impact our environment, learn what sync. is doing to offset their carbon footprint and lead the way for FinTechs.

The banking industry has a surprisingly large carbon footprint purely because of the number of debit and credit cards that are printed, posted and cut-up every single day.

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How can I save money? How can I better my credit score? How can I avoid the annoying ATM fees? All of these questions cross one’s mind when it comes to banking. But, something that should make an appearance in the laundry list of concerns when the banking industry is mentioned is the environment.

TOO MANY CARDS TO COUNT

Whilst it may not be obvious to most, the banking industry has a surprisingly large carbon footprint purely because of the number of debit and credit cards that are printed, posted and cut-up every single day.

As of October 2017, 98.5 million plastic debit cards were in use throughout the UK alone. The holding of a debit card has increased by 45% since 2016 and a whopping 96% of the UK population is accountable for owning a debit card, the equivalent to almost 51 million adults. This does not include the 60% of the UK population that additionally own a plastic credit card, which represents an additional 32 million adults and cards.

"By taking small, easy steps to prevent the amount of plastic we produce and ultimately waste, we can all live in a healthier, more sustainable environment."

PLASTIC PLASTIC PLASTIC

As we all know reducing plastic consumption will be key to protecting our environment and home. Currently, more than 8 million tons of plastic enters the sea each year. It has reached the point where there will be more plastic in the ocean than there are fish in the next 30 years. There is incredible amounts of scientific evidence that shows that the plastic in the ocean is harming marine life, but it also has negative consequences for us humans too.

For example, approximately 8.5 million kilograms of fish and seafood are consumed by UK adults alone. A portion of this fish that is consumed by humans contains plastic degrades and chemical toxins that we put into our bodies.

DIGITAL ONLY BANKING FOR THE WIN

It has taken perhaps longer than it should have, but people are beginning to change their behaviours. Even the smallest change, if done by a large number of people, can have a tremendous positive effect.

Focusing on the banking industry solely, digital-only banking has been introduced, and companies such as sync., Revolut and Monzo are making strides to minimise our footprints. By offering virtual debit cards, instead of producing a card made from plastic that may potentially end up in the sea, we are offering a viable alternative to our users and leading the way in our field.

Quick, easy and plastic free is where we want to be and we’re making small steps everyday to get there. Green initiatives, where environmental-friendly practices and carbon reducing activities are promoted, is a priority for sync.

By taking small, easy steps to prevent the amount of plastic we produce and ultimately waste, we can all live in a healthier, more sustainable environment.

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