Sokin is set to be one of the first new-generation financial institutions to issue recycled plastic payment cards in over 200 countries. Backed by IDEMIA, a specialist in Augmented Identity, and its eco-friendly offer, GREENPAY, Sokin will be able to slash plastic waste and reduce carbon emissions.
Sokin will use IDEMIA’s card which is made of over 85% recycled PVC derived from production waste. This will curb natural resource consumption and waste in line with circular economy principles, allowing responsible use of resources without compromising on quality or security. The GREENPAY recycled PVC card is the latest development from R&D experts within IDEMIA. The development required close attention to the selection of raw materials, manufacturing and assembly processes to ensure the high quality of the card be maintained throughout its lifetime.
Vroon Modill, CEO at Sokin, commented: “Each year 6 billion plastic payments cards are produced, and as we prepare to launch, we don’t want to add to the problem. We will offer currency exchange in 150 countries with wallets and cards in 200 countries, so have opted for payment cards made from eco-friendly materials. We are confident that our clients will see this as an additional positive reason to choose Sokin alongside our low-cost solution and simple and easy to use payment services.”
The Sokin service is based on a global currency account which in addition to providing secure, easy to use, low-cost payments, offers accessible neo-banking services. Sokin international money transfers and payments use a flat monthly fee, which cuts out hidden and repeat costs and could save customers on average 20% vs. other payment providers.
IDEMIA’s Executive VP Financial Institutions Amanda Gourbault said: “Teaming up with Sokin testifies that our GREENPAY package appeals to FinTechs. We will tap into the power of our FinTech Accelerator Card Program to support Sokin’s plans to expand globally and get their products to market quickly. Our alliance will ensure that the time from cardholder onboarding to card issuance is minimised, and that Sokin can rapidly issue payment cards around the world. Given that fintechs are increasingly looking towards more environmentally friendly solutions, we are excited to offer them sustainable alternatives.”