Visa launches eco-friendly payment solutions in Hong Kong

08/03/2022

· New Visa Eco Benefits helps cardholders understand the environmental impact of their spending behaviors
· A Visa survey1 found that close to half of Hong Kong consumers expect their bank to offer eco-friendly payment solutions
· Visa partners with eco-friendly merchants in Hong Kong to offer Visa cardholders privileges and discounts across spend categories from food and beverages, skincare and beauty to lifestyle products2

 

 

Visa, a world leader in digital payments, today announced the launch of Visa Eco Benefits. Eco Benefits is a suite of sustainability-focused solutions that will help Visa cardholders better understand the environmental impact of their day-to-day payments. Cardholders can calculate the carbon footprint generated by their Visa transactions, and access options for carbon offsetting or charitable donations from their bank’s website or app.  

Banks in Hong Kong that sign up for Eco Benefits will be able to offer these solutions to their Visa cardholders and meet a growing demand for sustainable financial services. According to a new YouGov survey commissioned by Visa3, the majority (78%) of Hong Kong people will make more environmentally friendly purchases if they are able to see their carbon footprint. Close to half (45%) of Hong Kong consumers expect their bank to offer eco-friendly payment solutions. 43% of consumers are willing to switch banks to access a product or service that helps them understand the carbon footprint of their spending behaviors.

“At Visa, we believe that payments technology has an important role to play in helping consumers cultivate eco-friendly spending behaviors,” said Maaike Steinebach, General Manager, Hong Kong and Macau, Visa. “We are committed to working with our partners to embed sustainability into the payments ecosystem and opening new ways for consumers to think and live green. Eco Benefits represents Visa’s continued efforts in expanding our network beyond payment transactions to deliver more insights to our partners and their customers.”

The following solutions are included in Visa Eco Benefits:

  • Carbon footprint calculator: insights powered by Verrency for cardholders to understand the estimated carbon footprint generated by their purchases
  • Carbon offsets: cardholders can elect to offset their carbon footprint from a range of specially curated projects in areas such as forestry and clean energy
  • Charitable contributions: donations to environmental organizations can be activated whenever a Visa card is used
  • Sustainable card materials: physical payment cards made from recycled materials
  • Personalized education: cardholders can access personalized tips on sustainable consumption

Maaike added, “We are delighted to support local merchants in Hong Kong who are helping customers realize their dreams for a greener planet and promoting eco-friendly consumptions. Visa will continue to be the driving force for change, and we will work with our partners and customers to take effective action to build a sustainable future together.”

To further support the transition to a socially conscious future, Visa has recently partnered with a number of eco-friendly merchants in Hong Kong to offer cardholders a wide variety of sustainable offers and perks ranging from food and beverage, skincare and beauty to lifestyle products, as part of its commitment to empower Hong Kong people to live better and live greener.  

Visa’s Eco Benefits and its partnerships with local merchants represent a continuation of Visa’s global aspiration to be a climate-positive company, using its products, services, data, network and brand to drive sustainable commerce and support the transition to a low-carbon economy. In 2021, Visa announced a pledge to reach net-zero emissions by 2040, ten years ahead of the Paris Climate Agreement goal.

For more information on Visa’s commitment to sustainability, visit visa.com/ESG.

For details of the Visa offers and perks, visit page here. Terms and conditions apply.

 

1 All figures, unless otherwise stated, are from YouGov Singapore Pte Ltd. The survey was conducted in the following markets/ regions: Vietnam, Thailand, Singapore, Philippines, Malaysia, New Zealand, Australia, Mainland China, Indonesia, Hong Kong SAR, India, Korea, Japan and Taiwan, with weighted figures to represent all adults (aged 18+) in each of the respective markets.

2 Terms and conditions apply, please refer to Visa offers and perks for more details: https://www.visa.com.hk/en_hk/visa-offers-and-perks/

3 All figures, unless otherwise stated, are from YouGov Singapore Pte Ltd. The survey was conducted in the following markets/ regions: Vietnam, Thailand, Singapore, Philippines, Malaysia, New Zealand, Australia, Mainland China, Indonesia, Hong Kong SAR, India, Korea, Japan and Taiwan, with weighted figures to represent all adults (aged 18+) in each of the respective markets.


About the Visa/YouGov Study

All figures, unless otherwise stated, are from YouGov Singapore Pte Ltd. Total sample size was 14,356 adults across 14 markets. Fieldwork was undertaken between 23 June – 5 July 2022. The survey was carried out online. The figures have been weighted and are representative of all adults (aged 18+) nationally in each of the respective markets/ regions. The survey was conducted in the following markets: Vietnam, Thailand, Singapore, Philippines, Malaysia, New Zealand, Australia, Mainland China, Indonesia, Hong Kong SAR, India, Korea, Japan and Taiwan.
 
About Visa

Visa is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories each year. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.