In a world first, credit card users in Singapore will soon be able to use their rewards to offset carbon emissions and aid biodiversity, thanks to a partnership with Aussie eco-tech, Sphere.
Sphere has partnered with DCS Card Centre (formerly Diners Club Singapore), offering consumers the option to convert up to 8% of their Visa Platinum Card spend on carbon offsets from early June.
Sphere CEO Shaun Lordan (pictured) said the new functionality enabled card users to redeem rewards on accredited environmental projects, with the emission reductions displayed in real time via the consumer’s card-linked app.
Lordan said the new rewards innovation comes as Sphere is fundraising in the market, and on top of the company’s carbon insight and action technology rollouts with four major banks in Asia – Vietnamese banks Sacombank and Techcombank, along with Malaysian banks Maybank and Public Bank.
“We’re so excited to partner with DCS Card Centre on this rewards innovation that gives consumers the opportunity to easily do good for the planet,” Lordan said. “For the first time, consumers can use rewards points to offset carbon emissions and aid biodiversity by investing in accredited environmental projects such as reforestation in a few clicks via the app.
“I can’t think of a better use for a rewards platform. Around 70 per cent of global emissions come from the things we as consumers purchase, so driving change at an individual level is hugely important.”
DCS Card Centre Senior Managing Director, Consumer Cards, Lionel Lee, said the innovative partnership with Sphere showcased DCS’ commitment to sustainability and delivering meaningful, customer-centric solutions.
“We’re proud to partner with Sphere, offering our cardholders the power to make a positive environmental impact with every transaction,” Lee said.
Sphere is also working with merchants and payments platforms in Australia and Asia Pacific to help them automate their climate emissions reporting, while providing services for their environmentally conscious consumers at the checkout.
Sphere’s API and modular build allows financial institutions and merchants to easily and quickly integrate carbon action tech into their systems. Its AI and machine learning solutions couple award-winning card payments technology developed in Australia with the research prowess of Swinburne University of Technology, which has joined as an equity partner in the company.
Sphere is partnering with Visa in the APAC and CEMEA regions, providing access to the Sphere carbon insight and action technology to hundreds of banks across 100 markets worldwide.
