Visa’s new Sustainability Solutions Team accelerate sustainable choice in Europe
Visa in Europe has further invested in its ambition to provide sustainability focused payment solutions to its clients and partners to meet their customers’ needs and accelerate the sustainable choices for ways to pay and be paid.
The Sustainability Solutions team, led by Steve King, will seek out collaboration with clients and partners across Visa’s network to design and create solutions for, and with, the broader payments ecosystem.
The team aims to promote the adoption of sustainable behaviours for consumers and businesses enabled by removing friction and increasing the availability of sustainability focused payment choices. They are working already with the existing Visa Eco-Benefits offering, and with partners to facilitate seamless payments in electric vehicle charging. They will make use of Visa’s advanced data capabilities, insights, existing and new product and payment offerings to foster sustainability, with the broader aim of supporting Visa clients in their journey towards net zero.
The company has also formed a new Visa Consulting & Analytics Sustainability Advisory Practice. In a complex environment, this cross-functional practice supports clients to navigate their current sustainability strategy, develop their roadmap and importantly design the business case for embedding a planet centric approach for their organisations and their customers.
Recent Visa research conducted over 12 countries in Europe revealed that 75% of consumers surveyed expect corporations to lead the change when it comes to sustainability, and 46% have stopped buying from certain brands or companies because of their impact on the environment or in society. Far from deflecting responsibility, 80% of those surveyed are focused on the future and want to preserve ‘nature’ for generations to come through their own values and actions, and payments can play a role to bridge that gap. For example, 42% of European respondents said they would use their payment card more often if a financial institution were to reward them for their sustainable behaviours.
Helping individuals and businesses better understand the environmental impact of their spending – and showing them ways to improve it – is a first and important step in enabling real change. The Sustainability Solutions team is building on the Visa Eco Benefits offering, which features a carbon footprint tracker provided through partnership with ecolytiq – a sustainability as a service solution that analyses payment data in real time so every transaction forms a picture of an individuals’ environmental footprint. The product that is integrated into the mobile banking app builds awareness and then engagement with the customer to guide them to more sustainable choices.
Plan A, a sustainability platform that enables businesses to manage their entire end to end net zero journey in one SaaS solution, was also recently named a new partner in the Visa Fintech Partner Connect programme. Plan A offers integrated and automated CO2 emission calculations, helping effectively address carbon reduction planning, and empower them to set and achieve science based targets for their net zero journey.
Charlotte Hogg, CEO Visa Europe, said: ‘The payments and financial services industry plays an integral role in enabling business and commerce every day, so it is also our responsibility to accelerate sustainable consumption and behaviours to support a tangible transition towards net zero. The newly built team will play a critical role in not only shaping Visa’s sustainability objectives but advancing our clients on their journey and providing counsel during their sustainable decision making processes.’
Steve King, vice president sustainability solutions Europe at Visa, said: ‘Our clients are looking for tangible solutions to embed sustainability for their customers. Sustainability is a key focus for Visa in Europe and, as a global payments technology company, we hold a unique position to facilitate and accelerate sustainable choice as a key part of the purchase experience.’