Partnership with MCT Cards & NPCI Reinforces Tide’s Commitment to Sustainability and Net Zero
Tide, UK based SME-focused business financial platform, has partnered with Transcorp International Limited, MCT Cards & Technology Pvt. Ltd., and the National Payments Corporation of India (NPCI) to launch India’s first recycled Rupay card. This groundbreaking move demonstrates Tide’s commitment to sustainability and its goal of making Net Zero more accessible for its members in India and globally.
The rPVC (recycled PVC) card, made from 99% recycled plastic, is the first of its kind introduced by a fintech company in India.
By utilizing recycled materials, each rPVC card will save 7g of carbon and 3.18g of plastic that would have been used in the production of a new card made with virgin PVC.
To ensure the cards adhere to sustainability standards, Tide’s rPVC cards undergo an open-loop recycling process, transforming old products into new ones and reducing industrial plastic waste.
The production material used is approved by global testing agencies, including Intertek, and complies with the Global Recycled Standard (GRS) 4.0.
The cards undergo rigorous testing for parameters such as Ink Adhesion, Wrappage, Bending, Stress Test, and comply with ISO standards. They also receive certification from the Central Institute of Plastics Engineering & Technology (CIPET). Each card will feature a sustainability badge on the reverse side to inform customers that it is made from recycled plastic.
In March, the company became the first fintech globally to eliminate 100% of its emissions by utilizing durable carbon removals from 2022 onwards. Tide has also pledged to become fully Net Zero by 2030 and supports its UK and Indian SME members on their journey to Net Zero.
Gurjodhpal Singh, CEO of Tide (India), emphasized that businesses must take action against climate change. Tide’s introduction of the rPVC card is one of the ways the company helps its 550,000 members worldwide kickstart their own journey to Net Zero by offering sustainable products, features, and content.
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Ayan Agarwal, CEO of Payment Systems at Transcorp International Ltd., expressed their commitment to implementing the goals of their partners, the Indian Government, and the Reserve Bank of India. Transcorp’s alignment with industry stakeholders has enabled the launch of recycled plastic cards, contributing to an ecological economy.
Girish Kini, CEO & SBU Head – Cards & Secure Solutions at MCT Cards and Technology Pvt. Ltd., highlighted their role in promoting sustainable practices and protecting the environment. MCT offers eco-friendly cards that have several benefits and make a positive impact on the environment.
NPCI, in line with its commitment to sustainability and a NetZero future, has launched India’s first RuPay Prepaid card made from recycled PVC plastic. NPCI’s partnership with Tide and Transcorp sets an example for the fintech ecosystem, supporting climate action and aiding Indian SMEs on their sustainable growth journey.
This initiative marks a significant step in the transition away from virgin plastic and toward reducing carbon emissions in India and globally.