Taiwan’s O-Bank Launches “Consumer Spending Carbon Calculator”, Rewarding Carbon Emissions Reduction | Taiwan News
TAIPEI (Taiwan News) – O-Bank announced the launch of its “Consumer Spending Carbon Calculator” and “Low-Carbon Lifestyle Debit Card” at a press conference on Wednesday (March 30).
According to O-Bank, it is the first in Taiwan and the Asia-Pacific region to adopt a carbon calculator. The feature uses an application programming interface to access Mastercard’s big data database and calculates the amount of carbon emissions from each transaction based on the type and quantity of products or services purchased.
New and existing O-Bank Mastercard cardholders with the feature enabled can log into their online banking account or mobile banking app to see a detailed list of carbon emissions per purchase along with a figure for total emissions generated by all their purchases.
O-Bank said that “to encourage consumers to translate carbon consciousness into substantial action”, it will offer preferential demand deposit rates to cardholders who activate the carbon calculator, make at least one purchase per month and maintain their average annual carbon emissions below. eight grams per New Taiwan dollar spent in a calendar year. Cardholders who meet these conditions benefit from a 0.1% increase in demand deposit interest rates starting the following year, with no ceiling on the amount of applicable deposits.
O-Bank also announced a new “Low-Carbon Lifestyle” debit card, which offers cashback based on the average carbon emission per new Taiwanese dollar spent. In addition to a basic rewards program, cardholders receive discounts or free gifts from 24 social enterprises and B Corps that are “socially responsible and environmentally friendly.”
During the press conference, O-Bank President Tina Y. Lo (駱怡君) said, “By launching the ‘Carbon Consumption Calculator’, O-Bank hopes to leverage its position as an intermediary finance to help consumers develop greater awareness. carbon emissions generated by their daily purchases… We believe that less is more: the less your actions cause carbon emissions, the more rewards you will receive from O-Bank.