As values-led consumers flex their spending power, making meaningful and deliberate financial decisions is important to them. Leaning into this desire is TreeCard – a debit card made of sustainably sourced wood that helps fund reforestation projects every time you use it. We explore the insights behind TreeCard's offering and why people want fintech brands to align with their ethics.
Backed by the eco-friendly search engine Ecosia, TreeCard is releasing a wooden debit card that helps environmentally conscious spenders give back. A share of every merchant transaction goes towards combating deforestation, with every $60 spent on the card equating to planting a new tree – the brand puts 80% of its profits towards planting trees for Ecosia's reforestation projects. The cards are made from FSC cherry wood, rather than plastic, and according to Ecosia, approximately 300,000 cards can be made from a single tree. Set to launch in December 2020, TreeCard is powered by Mastercard with a standard chip and is suitable for contactless payment.
Banks and fintechs are under scrutiny as people look into their ethics. This is part of a wider shift as people increasingly take an interest in where brands stand on issues that are important to them. Indeed, a 2018 survey shows that 71% of Americans would spend more money at a small business if it supported a positive social or environmental cause. As people seek out more ethical ways to spend and save, fintech brands like Picnic – which nudges people to buy from ethical brands – and Triodos Bank – which published its plan to create a greener and fairer banking system – will earn trust and loyalty – as long as they’re authentic.
Ope Oduwole is a junior behavioral analyst at Canvas8. He has a BA from the University of Nottingham and leans on the inquisitive nature of his studies. With an avid interest in all things creative, if he’s not at a concert or poetry reading, he’s buried inside a book with a cup of green tea.
