An API makes it easy for banks, employers, and payment providers to offer real-time carbon tracking and offsetting for every transaction
Spotted: According to research by Mastercard, more than half of global consumers believe that reducing their carbon footprint is more important now than before the COVID-19 pandemic. But lack of information on the carbon emissions caused by everyday products is holding back consumer action.
One way to provide this information is by estimating a consumer’s carbon footprint through analysis of their transactions. And over the past two years, this idea has gained traction, with Mastercard, NatWest, and Klarna all adding carbon footprint calculations to their products in 2021.
Now, startup Ekko is aiming to make this type of carbon monitoring standard for the industry. In February this year, the company announced the launch of two new products aimed at banks and employers.
For banks, ‘Ekko API’ offers a ready-made piece of software that can be plugged into the apps or websites of any bank or payment provider. This software lets these companies offer their customers carbon footprint tracking and access to high-quality carbon offsets.
For employers, ‘Ekko incentives’ is a card and technology platform that lets businesses create incentive packages that ‘nudge’ employees to make more sustainable choices. These programmes harness the power of gamification by encouraging teams to compete on the positive impact of their spending decisions.
What makes Ekko’s approach noteworthy is its scalability. Any bank, card issuer, or payment provider can add Ekko’s functionality through a single integration that takes just days to complete. As a result, carbon footprint tracking could soon become a hygiene factor for the industry.
Fintech is an industry that’s booming with sustainability-focused innovations. In the archive, Springwise has spotted a platform that helps financial institutions predict climate change risk, and a climate-conscious neobank.
Written By: Matthew Hempstead