Your Friday fix for global fintech and payments news
Visa have announced plans to begin issuing sustainable plastic cards, collaborating with card manufacturer, CPI Card group. These new cards with be made up of 98% plastic and have been created to mitigate the use of first-use plastic and eliminate plastic waste. Could this announcement spur similar measures from other card issuers in the future? In other news, the Access to Cash Review in the UK has launched a pilot scheme in eight UK communities, to help establish free access to cash. Klarna has also been named among the top five most disruptive companies by CNBC Disruptors.
Our weekly round-up brings you a dose of some of the biggest news announcements from the past seven days so you can keep an eye on all that’s shaping our world this week.
- Visa to issue sustainable plastic cards
- Eight UK communities to trial cash promotion schemes
- Klarna named among the top five most disruptive companies by CNBC Disruptors
Visa have announced plans for newly issued cards to be made from recycled plastic. The multinational finance services company teamed up with CPI Card group to produce the ‘Earthwise High Content Card’, composed of 98% upcycled plastic.
Douglas Sabo, Vice President and Head of Corporate Responsibility and Sustainability at Visa, said: “Our collaboration with CPI signifies a further milestone in our efforts to drive our goal of inclusive growth with a commitment to protecting the environment. We’re proud that this offering will ultimately benefit the entire payments industry and environment.”
Eight UK communities have been chosen to trial cash promotion schemes that will help communities retain free access to cash. Following the publications of the 2019 Access to Cash Review, which found that 17% of the UK population rely on cash still, the pilot schemes have been launched. These schemes aim to create new approaches to current challenges with cash, such as enabling local shops the ability to give cashback, introducing shared bank branches, subsidising bus services to surviving branches, and the opening of local cash deposit centres for merchants.
Natalie Ceeney, Chair of the Access to Cash Review, and head of the pilot projects, says: “The world is changing - we can't just magic back our old bank branch and ATM infrastructure. Instead, we need to use innovation to develop new solutions as well as harness tried and tested approaches to meet people's needs."
CNBC 2020 Disruptor list has announced Klarna as amongst the top five most disruptive companies globally. The list highlights fifty companies whose breakthroughs are influencing business and market competition at a very fast pace. Klarna, the highest valued private fintech firm in Europe, makes it second appearance on the list after previously making the cut in 2016 at the number 8 spot, currently coming in at the number 5 spot.