In 2021, 85% of the cards issued by CaixaBank will use recycled plastic and biodegradable components. The bank is the sector leader in Spain with more than 18.8 million cards issued.
CaixaBank, Spain’s leading retail bank, will start to issue its cards made from recycled materials from 2021 onwards, according to a press release. The bank, which leads the Spanish payment method sector with over 18.8 million cards issued, will stop using virgin plastic to manufacture physical cards and will instead use recycled (R-PVC) or biodegradable (PLA) materials with a lower environmental impact.
Given CaixaBank’s high volume of cards and the wide range of card types and brands available, the new cards will be phased in gradually. 85% of new cards issued over 2021 are expected to be made from sustainable materials. By the end of the year, some five million CaixaBank cards made from the new materials are expected to be in circulation.
As a result, CaixaBank will become the first financial institution in Spain and one of the first banks in the world to issue cards made from alternative materials with a lower environmental impact.
New materials with less environmental impact and guaranteed durability
Most new CaixaBank cards will use recycled PVC (R-PVC), an alternative to virgin plastic with a lower carbon footprint, made from recycled materials sourced from construction industry waste, plastic bag recycling, and old cards, etc. For certain types of cards, CaixaBank will use PLA, a biodegradable material of biological origin that eliminates the use of fossil resources. In addition to reducing the environmental impact of plastic, the new cards made from either material have a guaranteed lifespan of at least five years.
Meanwhile, the techniques used to print the customer’s name and card details will also be improved to reduce the environmental impact. CaixaBank currently customises only one side of the card (the back). Furthermore, ink printing has been replaced by laser technology, which not only generates less waste but also increases the card’s lifespan.
In fact, the bank already operates a recycling circuit for all expired or unused cards. When a customer hands in an expired card at a branch, CaixaBank activates a process through which the material can be recycled and repurposed.
A pioneering bank in the manufacture of cards with sustainable materials
By deciding to issue cards exclusively made from recycled and biodegradable materials, CaixaBank culminates a process launched in 2019, when it introduced cards made from sustainable materials for the first time in Spain. As an initial step, the bank’s entire range of gift cards (some 150,000 units a year) is now made from a biodegradable material (polylactic acid, derived from corn starch), which eliminates waste once a card expires (gift cards have a maximum service life of two years).
In August 2020, CaixaBank launched its recycled Visa & Pay card, the first card made from 100% recycled materials (in this case, R-PVC) marketed in Spain. There are currently 125,000 recycled Visa & Pay cards in circulation.
CaixaBank’s decision to issue its entire range of cards using more sustainable materials will help to reduce its carbon footprint. According to technical data, 45% less water is consumed and 15% less CO2 is emitted to manufacture an R-PVC card than a plastic card.
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CaixaBank Payments & Consumer, a fully-owned subsidiary of CaixaBank, is the leading consumer finance and payment services provider in Spain, the result of the merger of CaixaBank Payments, CaixaBank Consumer Finance, PromoCaixa, and 20 other subsidiaries.
The company manages credit of close to €8.3 billion and is the leading bank in card payments in Iberia, with 20.4 million units sold in Spain and Portugal and a market share in turnover of 23.3% for purchases and 24.1% through POS terminals in businesses.
CaixaBank Payments & Consumer has more than 15 million customers in Spain and Portugal.
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