Mastercard and Doconomy have launched a free mobile banking service, dubbed DO, that allows users to track, understand and reduce their CO2 footprints via carbon offsetting.
Image: Mastercard and Doconomy to launch DO payments services. Photo: Courtesy of MasterCard.
Mastercard said that the launch of DO service sets a new standard for purpose-driven payment services and is a major step in its commitment to drive innovation for a sustainable future.
With DO Credit Card, the two companies let users’ values guide their everyday consumption towards sustainable choices.
DO is touted to enable carbon offsetting via UN certified projects. It offers a possibility to invest in funds with positive impact on people and the planet.
The service will give customers insights into the environmental effects of their consumptions, paired with tools to create change by making sustainable choices, Mastercard stated.
Mastercard UK, Ireland, Nordic and Baltics divisional president Mark Barnett said: “Together with Doconomy we can engage consumers, retailers and businesses in the fight against climate change. This collaboration is an important part of our focus on sustainability, and this innovative solution offers people a simple way to take responsibility for their carbon footprint, based on what they consume.”
Additionally, customers can also apply for the physical, climate-friendly and biodegradable DO Mastercard payment card. The card is claimed to be printed with recycled pollution (Air-Ink), with no magnetic strip, is the first of its kind in the world. The DO card is the most tangible payment service effort on the global sustainable development goal (SDG) 12.
Doconomy CEO Nathalie Green said: “Via Mastercard’s global network Doconomy can reach and leverage the power of consumers all over the world and direct capital towards sustainable initiatives. For us, there is no partner better suited than Mastercard, given their sense of purpose and leading technical expertise.”
Doconomy, which was founded in 2018, seeks to enable a sustainable lifestyle for everyone by offering simple mobile banking services that can change behavior, manage savings and reward a development towards sustainable consumption.
The company uses the Åland Index developed by Ålandsbanken to track the impact of every transaction.