The sustainability shift rewriting rules in the payments industry

PLASTIC pollution is one of the most pressing environmental issues of today, as plastic offers sheer convenience, high availability and low prices. Only 9 per cent of all plastic is recycled, yet it is ubiquitous and remains the workhorse material of the modern economy. With plastic production expected to triple in the next 30 years, a fundamental shift must occur in the business models, behaviours and consumption models if we are to avoid a tremendous amount of environmental damage.

Spurred on by accelerating climate change, growing awareness around the urgency for environment preservation has led to a worldwide call for sustainable solutions. In 2018, Nielsen found that 81 per cent of global consumers felt it was paramount for companies to implement environmentally-friendly programmes, and 73 per cent would change their consumption habits to reduce their eco-impact. This mindset shift affects all industries – including payment solutions.