Sustainability and the payments industry

On March 22, eTap Solutions proudly served as the Gold Sponsor of GCash’s first-ever Eco Run, a landmark event dedicated to sustainability. One mangrove tree was planted for every registration, while participants received eco-friendly singlets and other sustainable gear.

The partnership between eTap and GCash was a natural fit, highlighting the connection between digital payments and sustainability. Below we go over how payments industry players go hand-in-hand with sustainability initiatives, making the world a better place in more ways than one. 
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Using less resources
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A report by the World Economic Forum found that digital payments can cut carbon emissions by 15%. The impact goes beyond simply going paperless. By reducing reliance on physical payment methods, digital transactions help conserve resources—requiring little to no plastic for cards and eliminating the need for copper, nickel, and zinc used in coin production.

Even traditional currency printing is resource-intensive, consuming vast amounts of energy and water. Digital payments offer a more sustainable alternative, minimizing the environmental footprint of financial transactions.

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Eco-friendly payment cards
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When financial institutions do offer cards, they’re doing it increasingly with the environment in mind. These cards are made out of eco-friendly materials such as recycled PVC, wood, and even bamboo.
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Eco-friendly cards also additionally come with financial incentives for eco-friendly behavior, including cashback when shopping at sustainable businesses. For example, the FutureCard Visa debit card provides 5% cashback on eco-friendly purchases, including secondhand shopping, train travel, and EV charging.
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Following regulatory initiatives/compliance

The Bangko Sentral ng Pilipinas (BSP) is no stranger to instituting regulations that promote a safer and cleaner environment. In 2020, the governing body released a circular setting forth a financial framework guiding financial companies on how to inject sustainability principles into their operations. The circular requires Filipino banks to disclose their sustainability strategies and initiatives, issuance of green bonds, and include how they promote sustainable finance in their reports.
 

In 2021, the BSP’s “Green Force” released the Philippine Sustainable Finance Roadmap and Guiding Principles in 2021 to promote sustainable finance in the country. The roadmap serves as a guide to integrate sustainability into the financial sector and clarifies which economic activities are considered sustainable.
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Locally, major banks such as UnionBank of the Philippines already have established sustainability frameworks and CSR activities such as tree plantings. These serve environmental goals close to Filipinos, helping combat deforestation and pollution.
 

Pursuing sustainability manifests in many different ways at eTap. eTap kiosk users are always presented with an option to take a picture of their transaction receipt vs. having it printed, letting them do their part in preserving the environment. Employees at the eTap office are similarly encouraged to bring their own water bottles, eliminating the need for single-use plastic cups.
 

For eTap Solutions and many other players in the payments industry, better finance isn’t just about making transactions easier. It’s also about doing their part in leaving a better environment for the next generation and ultimately making the world a much better place. 

Article by Pancho Dizon
Thumbnail by Brennan Cahilig