Tide and Transcorp jointly launch recycled PVC RuPay card

By Leandra Monteiro

Tide in partnership with Transcorp International Limited, a RBI-regulated Prepaid Payment Instrument license holder, announced the launch of India’s first recycled (rPVC) Rupay card, along with MCT Cards & Technology Pvt. Ltd. and NPCI.

Gurjodhpal Singh, CEO, Tide (India) said, “At Tide, we believe that businesses need to take action now on climate change. With our industry-first move, we are taking further action to curtail the spiralling effects of greenhouse gases on the Earth’s atmosphere. Tide’s third of three NetZero pledges committed to helping our 550,000 members worldwide kickstart their own journey to NetZero by introducing products, features and content to help them. The rPVC card is one such initiative. Tide is committed to ensuring our members in India benefit from the launch of this new card.”

Made from 99% recycled plastic, this is the first such move by a FinTech company in India. Each rPVC card will save 7g of carbon and save 3.18g of plastic, which would ordinarily be used in the production of a new card made with virgin PVC.

The cards will go through an open-loop recycling process, which means that old products are transformed into new ones, reducing industrial plastic waste. The material used for production of Tide rPVC cards is approved by global testing agencies including Intertek and is also compliant with GRS 4.0 (Global recycled standard). All the cards are tested for parameters like Ink Adhesion/Wrappage/Bending/Stress Test and are compliant with ISO standards, they also undergo a CIPET certification. The cards will carry the sustainability badge on the reverse side, educating the customer that the card is made of recycled plastic.

Ayan Agarwal, CEO, Payment Systems, Transcorp International Ltd., said, “Transcorp remains committed to implement the goals of not only our partners, but also to bolster the vision of the Government (COP26 Summit at Glasgow) and Reserve Bank of India (Report on Climate Risk & Sustainable Finance) of achieving net zero emissions in India. Continuing the streak of first in market innovations – Transcorp has once again aligned stakeholders from across the industry to launch recycled plastic cards in record time! In our mission to build compliant and curated products with our fintech partners, we are pleased to also contribute towards an ecological economy.”