Bunq Unveils an Environmentally Conscious Card

FACTS

  • The Dutch neo-bank Bunq introduces a new card offer called Green Card.
  • Goal: help cardholders compensate their carbon footprint as they make card payments.
  • This launch relies on a partnership with Eden Reforestation Projects: non-profit organisation which planted more than 265 million trees since launch in 2005. Bunq allows Green Card subscribers to plant a tree for every €100 they spend with their card. Premium cardholders can even plant two trees every €100, instead of just one.
  • By way of staying informed of their environmentally friendly projects, Green card users are sent monthly updates on their contributions and for a greener future.
  • Bunq also makes room for sustainability. This card is made of 50% stainless steel instead of less environmentally friendly plastic. As opposed to other cards with a lifespan of 3 to 4 years, the Green Card stays valid for 6 years.
  • Once their card funded, cardholders may use it to pay online or in-store.
  • Cost: €99 per year.
  • Green Card can also be stored to Google Pay and Apple Pay in the Netherlands, in France, in Belgium, in Germany, Spain, Italy, Ireland and Austria.
  • For now, Bunq a limited Founders Edition, the first batch of which has almost run out.

CHALLENGES

  • Differenciation. According to a recent study, 88% of the consumers would like brands to help them make a difference on a daily basis. With Green Card, Bunq intend to meet this expectation.
  • According to this start-up, planting a tree is one of the easiest ways to have a positive environmental impact. Each tree captures 308 kg of carbon over tis 25-year growth-life. Bunq believes that the users spending €1,000/month might start making up for their carbon footprint.

MARKET PERSPECTIVE

  • Six months ago, this challenger bank launched a card version for travellers as they intended to attract more customers. Their Green Card aims at environmentally conscious prospects.
  • Just like Bunq, several FinTechs started crafting eco-friendly products. Just days ago, the Swedish company iZettle unveiled a recycled mPOS solution built in partnership with CPI Card Group and made from ocean plastic. Also, the Finnish company Enfuce lets their customers calculate their CO2 emissions based on what and where they buy.

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