There are at least 164 million plastic cards in circulation in the UK, almost all of which are made of non-biodegradable materials that would normally end up in landfills and improperly disposed of in the oceans, a situation that is gradually being tested in UK financial institutions.
Go Henry, a fintech company that provides prepaid cards for children ages 6 to 18, recently, said it is abandoning traditional plastic cards and replacing them all with biodegradable materials.
Based on bank cards weighing 8-10g each (special cards weighing over 30g), the company has 2 million members and a potential demand for PLA of 14-17 tons. The potential demand for PLA is 1,200-1,400 tons if the whole UK bank cards are replaced; at the end of 2021, the number of bank cards in use in China is 9,247 million cards issued, and the potential demand is 65,000-79,000 tons if PLA replacement is achieved. The future can also be expanded to other card categories, China PLA card market is still in the blue ocean stage, with tens of billions of development potential.
In fact, GoHenry ventured into the non-plastic card space in 2020 with the launch of a bank card with 82% bio-based content made from compostable polylactic acid (PLA) - derived from plants, PLA is widely used in disposable tableware, packaging, 3D printing, medical materials and other industries.
In March 2021, GoHenry surveyed 3,000 UK children and found that 76% preferred eco-friendly bank cards.
Compared to conventional plastics, card production using PLA consumes 65% less energy and emits 68% fewer greenhouse gases.
Louise Hill, Co-Founder and COO of Go Henry, said, "We are committed to helping kids make smart choices with their money, while at the same time, acting in ways that protect the health of the planet. Our customers are passionate about the environment and our ecards can support them in living greener lives."
"When we launched our original ecard line two years ago, the ultimate goal was to print all of our cards using the most environmentally friendly materials available, and it's great to see that vision come true. This is an important step forward for GoHenry as we continue to build and follow through with more sustainable practical actions," Hill added.
GoHenry Corporation
Go Henry is a UK-based fintech company co-founded by Louise Hill and Dean Brauer in London, UK, in 2012 to provide debit cards and financial education apps for children aged 6 to 18. The company is named after Go Henry's first customer, an 11-year-old boy named Henry.
