Santander's approach to reusing outdated bank cards
Banco Santander, a leading financial institution, is making significant strides in promoting sustainability and the circular economy. The bank's initiatives are geared towards reducing plastic waste linked to credit and debit cards, encouraging digital payment methods, and issuing cards made from recycled or biodegradable materials.
One of Santander's key strategies is to promote **digital payment methods**, such as mobile wallets and contactless payments, which inherently generate less plastic waste. This shift towards digital-first payment options is part of the bank's broader commitment to sustainability and the circular economy.
Santander is also leading the way in **sustainable card production**. The bank has started issuing credit and debit cards made from recycled or biodegradable materials, aligning with circular economy principles by minimizing the environmental impact of card production and disposal. These cards are designed to be durable and recyclable, offering an alternative to traditional plastic cards that contribute to plastic pollution.
Santander's sustainability strategy extends beyond card production. The bank invests significantly in education, employability, and entrepreneurship, with a budget of €400 million between 2023 and 2026. This investment supports innovation in sustainable products like eco-friendly cards.
Santander's efforts in reducing plastic waste have yielded impressive results. In 2023, the bank issued over 37 million cards made from sustainable materials, eliminating 22 tonnes of single-use plastic and 360 tonnes of CO2 equivalent. The bank has also recycled almost a million expired or damaged cards to date.
In addition to its card recycling initiatives, Santander has launched programmes to give damaged or expired cards a second chance. Customers can insert expired or inactive cards into an ATM or drop them in recycling boxes at branches in Poland, Portugal, Spain, and the UK.
Santander's commitment to sustainability is not limited to Europe. In Chile, customers can purchase carbon credits associated with certified initiatives to offset their carbon footprint. In Mexico, the bank offers sustainable cards for visually impaired customers. In Brazil, Santander offers SX and Elite cards that are also eco-friendly.
Santander's sustainability initiatives have been recognised with awards. In October 2024, the bank won the Best ESG Initiative in Payments at the Pay360 Awards.
In conclusion, Banco Santander is at the forefront of financial institutions promoting sustainability and the circular economy. The bank's initiatives reduce plastic waste, promote digital payment methods, and support the production of sustainable cards. Santander's commitment to sustainability is evident in its wide range of eco-friendly products and services, and its ongoing efforts in this area continue to yield impressive results.
Santander's support for sustainability also encompasses educational endeavors, with a projected budget of €400 million from 2023 to 2026, targeted at promoting innovation in sustainable products like eco-friendly cards.
The bank's significant investment in sustainability initiatives extends beyond Europe, as shown by Chile's carbon credit purchasing option for customers, Mexico's eco-friendly cards for visually impaired individuals, and Brazil's SX and Elite cards, all of which are sustainable.
Acknowledging the bank's commitment to sustainability, Santander received the Best ESG Initiative in Payments award at the Pay360 Awards in October 2024.
