The bank has received this accolade alongside Giesecke+Devrient (G+D), its partner in the processing and recycling of bank cards to turn them into street furniture.

This circular economy initiative has laid down a marker in Spain for sustainable practices in the banking and technology industries.

Madrid, 3 October 2024.
Banco Santander and Giesecke+Devrient, a global SecurityTech company based in Munich, have won the top prize in the best ESG initiative in payments category at the 2024 Pay360 Awards for their circular economy initiative to reuse expired payment cards and turn them, along with fishing nets collected at sea and on coasts, into urban furniture, which is then donated to public bodies and placed in urban spaces throughout Spain. It’s a pioneering initiative that began two years ago with G+D and under which 160 Santander benches have been made so far.

The Pay360 Awards, organized by The Payments Association of the United Kingdom and attended by more than 300 nominees every year, were held last night in recognition of companies in the payments sector that have made significant progress over the year. The Association hands out 21 awards in different categories.

The award given to Santander and G+D highlights organizations that have successfully embedded ESG improvements in their strategy and are generating a positive and substantial impact on the environment, society and corporate governance.

Circular economy

The process is simple; the customer deposits their expired card at any of the bank’s almost 5,000 ATMs and a few days later receives a message confirming that it has been recycled. The cards become raw material that goes into furniture manufacturing, giving a new lease of life to the product and preventing it from being sent to landfills or incinerated. At the same time, it helps keep the oceans free of pollution.

The initiative aligns with the ESG strategies of both Santander and G+D. From an environmental point of view, Santander is committed to achieving net zero emissions by 2050 and to using sustainable materials for all its cards in Europe by 2025, while G+D wants to reach net zero emissions by 2040 and abandon the use of plastic in its payment cards by 2030.

From a social perspective, this initiative enables users to adopt sustainable lifestyles by recycling their expired cards and give them a second life. Each bench has a QR code for people to discover how the cards are transformed and how this impacts on society. From a governance perspective, this initiative promotes public-private partnerships to drive sustainable development.

This circular economy initiative has set a precedent in Spain for sustainable practices in the banking and technology industries. To date, Santander has recycled over 1.1 million cards in Spain (the equivalent of 5.6 tons of plastic).

About Giesecke+Devrient

Giesecke+Devrient (G+D) is a global SecurityTech based in Munich, Germany. G+D makes the lives of billions safer. The company builds confidence in the digital age with security technologies in three segments: Digital Security, Financial Platforms and Currency Technology. G+D was founded in 1852 and today has a workforce of more than 14,000 employees. In 2023, the company registered turnover of EUR 3 billion euros. G+D is represented by 123 subsidiaries and joint ventures in 40 countries. More information at: www.gi-de.com