Plastic Cards To Go The Way Of The Mink Coat
Plastic Cards To Go The Way Of The Mink Coat
Veritas Chronicles Editorial Opinion: Public Pressure and Utilitarian Functionality Will Drive the Complete Demise of Plastic Transaction Cards Within 10 Years: Insights Into the Global Transition fro
Plastic bank cards have become ubiquitous in the modern transaction landscape, yet their environmental impact poses a growing concern. The ecological footprint of plastic bank cards, even with potential substitutes, does not measure up to market demand for a global transition from plastic to digital and virtual cards. As with all non-biodegradable products, plastic bank cards are an impediment to full environmental sustainability. Even though plastic bank cards are a relatively small piece of the waste landscape and general environmental pollution, their needless waste and effect are nevertheless noticeable and are increasingly unnecessary for transactional convenience and systemic financial stability.
This article delves into the negative environmental impact of plastic bank cards, examining their production, usage, and disposal phases, which predict their rapid demise, resulting from both transactional convenience and environmental pressure, and explores potential interim substitutes, including recycled plastic, metal, bamboo, and bio-sourced PLA cards made from non-edible corn. The discussion includes an assessment of the current volume of plastic cards issued and disposed of annually, the degradation time of plastic cards, and the sustainability and viability of substitute materials. More importantly, it highlights the global shift towards the adoption of digital and virtual cards making physical cards redundant. Nor did we uncover any reasonable arguments or trends that might counter the convenience and ecological sustainability of digital solutions.
Every year, “approximately six billion plastic cards are pushed out into the environment – most of them made by unrecyclable PVC plastic.” Although Mastercard analysis shows that this is less than 0.015 percent of the volume of plastic manufactured each year, it is a cost that is becoming increasingly unnecessary as digital options become more available. According to Statista, there were about 30 billion physical payment cards in circulation around the globe by the end of 2023. The disposal of plastic bank cards, which take 400 years to degrade, raises concerns about contributing to the global plastic waste crisis. The challenge lies in the difficulty of recycling these cards due to the combination of materials used in their production, leading to increased landfill waste or incineration, both of which have detrimental environmental effects. The sheer volume of plastic cards underscores the ecologically nobler pathway of finding sustainable alternatives.
Production and Usage: The production of plastic bank cards involves the use of petroleum-based materials, contributing to carbon emissions and environmental degradation. The extraction and refinement of these materials pose environmental challenges, making it imperative to explore alternative materials with lower ecological footprints. Plastic bank cards have a relatively short lifespan of only two to three years, during which they are susceptible to loss, wear and tear, and regular replacement. This results in the generation of microplastic pollution as cards shed particles into the environment.
The use of recycled materials in bank card production offers a potential solution to partially mitigate the negative environmental impact. These cards incorporate post-consumer or post-industrial recycled content, reducing reliance on virgin materials. Some industries are making strides towards global stewardship by creating cards that contain 70% of plastic cleared from coastal areas. Unfortunately, this sustainable mindset is neither global nor common praxis. While recycled plastic cards reduce reliance on virgin materials, challenges include the availability of high-quality recycled plastics and potential limitations in meeting industry standards. Continued research and advancements in recycling technology are essential for the sustainable adoption of recycled plastic cards.
Metal Bank Cards: Metal bank cards, typically made from stainless steel or aluminum, present a potentially promising alternative due to enhanced durability and longevity. The recyclability of metal cards is higher than their plastic counterparts, making them a more environmentally friendly option. Metal cards exhibit high durability and recyclability, but their production costs and heavier weight are likely to limit widespread adoption. Innovations in material science and production processes are necessary to address these challenges and make metal cards a more viable, widespread option. Metal cards are not likely to be part of any long-term or widespread solution because of cost and weight, nor will they halt the demise of physical cards. Metal cards tend to be used for special promotions and elite status symbols. They may have a longer-term place on that basis.
Bamboo Bank Cards: Bamboo, a rapidly renewable resource, has gained attention as a sustainable material for bank cards. They are biodegradable, with a lower environmental impact during production. Bamboo cards, therefore, present an eco-friendly alternative. Yet, though promising in some regards, bamboo cards are not without challenges as sustainable bamboo sourcing and ensuring card durability need to be addressed. Standard PVC (polyvinyl chloride) cards are approximately .88mm thick while bamboo cards are generally 1.3 to 2.0 mm, which awkwardly doubles the thickness for physical wallets. Another downside of bamboo is that many cards are coated with waterproofing, which affects degradation and most likely precludes recyclability. Overcoming negative consumer perceptions and ensuring widespread acceptance is counter-productive to any push for bamboo cards being an answer to physical card sustainability.
Bio-sourced PLA Cards: Cards made from bio-sourced polylactic acid (PLA), derived from non-edible corn, offer a bio-based alternative to traditional plastics. PLA cards are biodegradable in as little as 12 years under certain conditions, addressing concerns about end-of-life disposal. PLA Cards appear to be the most carbon-footprint-efficient solution to the plastic card dilemma. However, their viability is contingent on factors such as the availability of non-edible corn, advancements in agricultural practices, bio-based material production, and the development of industrial composting infrastructure.
The adoption of substitute materials is gradually increasing. Recycled plastic, metal, bamboo, and PLA cards offer varying degrees of sustainability and viability. Challenges include ensuring a consistent supply of materials, addressing production costs, and achieving widespread acceptance by financial institutions and consumers.
Transition to Digital and Virtual Cards: Digital cards are tied to a specific bank card number and account. The global shift towards digital cards involves the storage of payment information in mobile applications, eliminating the need for a physical card. This transition reduces the environmental impact associated with card production, usage, and disposal. The convenience of digital cards aligns with the growing preference for contactless and online transactions. Across the world, phones are ubiquitous and a permanent fixture with digital card capabilities that will make card-carrying redundant and obsolete.
Virtual cards exist solely in electronic form without a physical counterpart. They can autogenerate different numbers for each transaction, enhancing security. The absence of material production, usage-related pollution, and end-of-life disposal concerns positions virtual cards as by far the most sustainable, and therefore, the required transition is practical and absolutely essential. The adoption of virtual cards aligns with the broader trend towards a cashless society.
Conclusion: Plastic bank cards, once emblematic of financial convenience and even status, now demand critical consideration due to their environmental impact. Long term, the larger issue is the redundancy of plastic (and its alternatives) in a world that is increasingly digital. The global shift towards digital and virtual cards aligns with the broader goal of reducing the financial sector’s ecological footprint. The adoption of these alternatives presents unique challenges but also offers opportunities to leapfrog traditional banking models and embrace sustainable financial practices. As we navigate this pivotal moment, collaboration among financial institutions, governments, vendors, and consumers is essential to creating a more sustainable and environmentally conscious future.
References and Further Reading
Monti, J. (2018, October 19). Greener Payments Partnership. Mastercard Newsroom. https://www.mastercard.com/news/press/2018/greener-payments-partnership/
Buchmayer, M. (2022, November 7). Eco-friendly trends see physical credit cards going green. IRIS CRM. https://www.iriscrm.com/eco-friendly-trends-see-physical-credit-cards-going-green
Kowalski, K. (2022, March 21). How we choose to pay has hidden costs for the planet. Science News Explores. https://www.snexplores.org/article/money-currency-plastic-paper-cash-credit-environmental-cost
The environmental footprint of payment cards. (n.d.). Cash Essentials. https://cashessentials.org/the-environmental-footprint-of-payment-cards/#:~:text=Most%20plastic%20cards%20will%20take,United%20Kingdom%20in%20December%202022
Wolfe, D. (2023, October 5). The credit card climate crisis. American Banker. https://www.americanbanker.com/payments/news/the-credit-card-climate-crisis?utm_source=newsletter&utm_medium=email&utm_campaign=V3_AB_Daily_2023%2B%27-%27%2B08242023&bt_ee=Y1g9Iqp1NhVE7YeFrHcCwfH0wY62XIYWMj8AmGdcP7eU6u3EPKLe0uu7%2FpXdaAgy&bt_ts=1692879177100
Rinkesh. (2022, July 29). Is bamboo biodegradable? (And bamboo plastic?) – Conserve Energy future. Conserve Energy Future.
https://www.conserve-energy-future.com/is-bamboo-biodegradable.php
Virtual cards—what are they and how do they work? (n.d.). N26. https://n26.com/en-eu/virtual-card#:~:text=A%20%E2%80%9Cdigital%20card%E2%80%9D%20is%20a,can%20only%20be%20used%20once
https://www.unepfi.org/pollution-and-circular-economy/pollution-and-circular-economy/
https://www.thecooldown.com/green-business/mastercard-credit-card-plastic-waste-recycled-materials/
https://usa.visa.com/content/dam/VCOM/blogs/visa-back-to-business-study-jan21.pdf