Swiss bank UBS has announced an initiative aimed at sustainability by introducing an innovative credit card made from a corn-based material, replacing traditional plastic. Additionally, the bank is rolling out a purely virtual card option.
Starting early next year, customers will have the opportunity to link a digital version of their credit card to platforms such as UBS Twint, Mobile Pay, Apple Pay, Samsung Pay, or Google Pay, enabling immediate use.
The new Optimus Foundation Credit Card Eco is crafted from PLA (polylactic acid), a biodegradable alternative derived from corn used as animal feed, boasting over 80% biodegradability. To further its commitment to social responsibility, UBS will contribute 0.75% of the annual credit card expenditures to its Optimus Foundation.
Karin Oertli, Chief Operating Officer for Personal and Corporate Banking in Switzerland, emphasized the importance of this transition. She stated, “The shift towards a more sustainable society is one of the significant challenges we face today. UBS is committed to being part of the solution and is determined to lead the charge with innovative ideas, including the introduction of our new plastic-free cards.”
In conjunction with this initiative, Finextra and ResponsibleRisk will host a forum featuring sustainable finance experts to explore how financial service firms and technology companies can work together to achieve the UN’s Sustainable Development Goals by 2030. Register for Sustainable Finance Live here.