Marqeta (NASDAQ: MQ), the global modern card issuing platform, announced a new initiative today to offer customers the choice to issue physical cards made from recycled plastic through its platform, alongside a partnership with rePurpose Global to offset its plastic footprint.
Marqeta will let its customers order physical cards made from 43 percent recycled material, offered in partnership with its card fulfillment partner Perfect Plastic Printing. Latin American grocery delivery platform Cornershop, recently acquired by Uber, will be the first customer to issue recycled cards through Marqeta to new Cornershop delivery shoppers globally.
“We applaud Marqeta for taking the initiative with this new recycled card product, and for addressing the environmental impact of plastic cards,” said Oskar Hjertonsson, Founder and CEO of Cornershop by Uber. “When we saw that the quality and durability of the cards used by Cornershop delivery shoppers was not sacrificed when using recycled plastic cards, it felt like a no-brainer to use this new offering through Marqeta.”
This new product is part of a continued focus on plastic neutrality for Marqeta, with the company also entering into a partnership with rePurpose Global to reduce its plastic footprint. Marqeta has committed to work with rePurpose Global to remove 380,000 pounds of nature-bound plastic from the environment in 2021 and channel it towards sustainable reuse. rePurpose Global’s efforts on Marqeta’s behalf will offset the creation of roughly 34 million cards. It is estimated that 37 metric tons of plastic enters our oceans each year, with 74 percent of plastic never recycled. Even if the world’s governments meet the ambitious commitments they have set for themselves, annual plastic emissions could reach 58 million tons by 2030.
“Marqeta is excited to be able to offer recycled cards to our customers like Cornershop, and to partner with a social enterprise like rePurpose to reduce the environmental impact of the plastic cards we issue,” said Jason Gardner, Founder and CEO of Marqeta. “This is a key step for Marqeta toward our eventual goal of plastic neutrality. It’s crucial that as a company we take it upon ourselves to be positive stewards of the environment, and by helping our customers reduce their plastic footprint, we also reduce our own.”
About Marqeta (NASDAQ: MQ)
Marqeta’s modern card issuing platform empowers its customers to create customized and innovative payment cards. Marqeta’s platform, powered by open APIs, gives its customers the ability to build more configurable and flexible payment experiences, accelerating product development and democratizing access to card issuing technology. Its modern architecture provides instant access to highly scalable, cloud-based payment infrastructure that enables customers to launch and manage their own card programs, issue cards and authorize and settle transactions. Marqeta is headquartered in Oakland, California and is enabled in 36 countries globally. For more information, visit www.marqeta.com, Twitter and LinkedIn.