- 19 Sep 2022 1:52 PM
- Budapest Business Journal
Hungarians expect companies to engage in corporate social responsibility (CSR) and to take an active part in making sustainable behavior achievable for customers. About 62% of Hungarian consumers claim that corporate responsibility is important for them when making purchase decisions. The same share of Hungarians is also willing to pay a bit more for it (approx. a 5% premium).
Visa partners with ecolytiq, whose Sustainability-as-a-Service solution analyses payment transaction data in real-time to inform every transaction with individual environmental footprint calculations, e.g. CO2. Sustainability-as-a-Service features help inform consumers to change their behavior by providing them with tips on sustainable lifestyle and consumption choices and offering them the ability to offset their environmental footprint.
“Banks partnering with Visa will be able to help their customers select more sustainable payment options thanks to 'Visa Eco Benefits' – a curated selection of banking products aimed at equipping banks with the tools to meet shifting customer demand and embrace sustainable business models.
Launching in Europe in 2022 it includes a carbon footprint calculator, carbon offsetting options, and reward options for Visa cardholders,” comments Hana Wasserburger, consulting director, Visa, lead for the Czech Republic, Hungary, and Slovakia.
According to the research Hungarians consider carbon footprint measurement as an interesting offer for cardholders, 55% of the respondents like this solution. A working example from the region is Tatra banka in Slovakia, which has already introduced its Account for Blue Planet, which also includes a carbon footprint calculator from ecolytiq.
In the bank application, Tatra banka's clients can very easily see what impact their card payment had on the planet - whether it was buying a ticket or buying vegetables from a local retailer.
"Visa contributes to a more sustainable world by using its network, products, services, data, and brand to support sustainable commerce and the global transition to a low-carbon economy.
Our aim is to embed sustainability into payment cards and accounts – to help consumers be more informed of the impacts of their consumption," comments Ede Kiss, country lead, Visa, Hungary.
"According to the research Hungarians take corporate social responsibility as an indisputable basis of company values (84%) and expect a conscious attitude from the business as well. Although Hungarians are aware of their own responsibility for sustainability, they like to leave it to companies. Therefore, those who listen to the needs of customers and try to make responsible behavior as easy as possible or even reward it seem to be having the highest chances of success," he adds.
In Hungary, Visa is offering the Visa Green card linked to the Takarék Sustainable Household Bank Account in cooperation with Takarékbank, a member of the Magyar Bankholding. The card is made from 85.5% recycled materials, reducing the impact on the environment.
Takarékbank transfers 0.2% of every purchase made with the card to the National Hungarian Beekeeping Association, which uses this amount to save bees, strengthen their key role in maintaining ecological balance and promote Hungarian honey consumption.
A quarter of the population is willing to make considerable changes in shopping and habits in the name of sustainability. Half of the respondents try to live sustainably if there are no considerable limitations. A slightly higher percentage of the population (62%) is willing to pay extra money for products with added socially responsible value.