IDEMIA enhances its GREENPAY initiative in Colombia on World Environment Day

World Environment Day celebrated in June reminds us of the importance of promoting initiatives that allow the long-term viability of human life on Earth. IDEMIA, global leader in Augmented Identity, enhances its GREENPAY initiative which intends to enable an environmental paradigm shift for financial institutions.

With sustainable payment solutions, IDEMIA is leading the way in this change of environmental thinking in the payments community, through products that generate less plastic and paper waste, reduce land and water pollution, and minimize the carbon footprint. This comprehensive green initiative embraces products, services, processes, and carbon emissions offset programs to help financial institutions achieve their sustainable development goals.

According to the study carried out by IDEMIA together with Data2Decisions, consumers appreciate these types of measures when making a purchase or choosing certain products or financial entities. 87% of consumers expect their banks to offer green cards, while 62% would even consider switching to an environmentally friendly bank. Similarly, 74% of millennials worldwide would agree to pay an additional monthly fee for a green card.

In the case of Colombia, the company has a production point in Yumbo, Valle del Cauca, which is developing environmentally friendly debit cards. They are manufactured from recycled PVC, which represents an unprecedented figure in the financial sector. Currently, the plant has the capacity to produce approximately 100 million of these plastics per year; meeting demands from Latin America (except Brazil) and the US.

According to Wilson Polo, IDEMIA’s ROLAC Business Director, this initiative for Colombia and Latin America allows further expansion of the work that has been carried out with local financial institutions, as many of them have already begun a process of migrating their entire portfolio to recycled cards.

GREENPAY demonstrates how innovation can be a positive force for society and the environment; and is a positive affirmation of our commitment to rethink how to design, use, and reuse plastic in the payments industry, while offering our customers cutting-edge solutions.
Wilson Polo, IDEMIA’s ROLAC Business Director