In the 43rd Anniversary of the Credit Card Association of the Philippines , BSP Deputy Governor Chuchi Fonacier said credit cards create 15,000 metric tons of waste annually. These products eventually find their way to various landfills.
“BSP strives to create a policy framework that encourages the adoption and expansion of sustainable finance. The SCB highlights the BSP’s responsibilities as an enabler, mobilizer, and viewer in promoting sustainability goals with a common goal towards reducing the carbon footprint in the industry and can introduce reforms to reduce, reuse and recycle credit cards,” she added.
Another element to consider is the rise of eco conscious consumers who prefer sustainable payment option. This growing segment highlights the need towards creating a more sustainable future for the next generation. CCAP Chairperson Ma. Magdalena Surtida said the local credit card industry expects to see the rise of artificial intelligence and other digital technologies that will enable issuers to make data analysis on consumer spending habits and demographics, as well as detect and prevent fraud.
• More “tokenization,” or the conversion of sensitive data into tokens, to deter fraud as well as to deliver a more seamless credit card payment journey with merchants while enjoying personalized services.