O-Bank also issues a “Low-Carbon Lifestyle” Debit Card that makes it the first bank in Taiwan to set cashback reward percentages based on the average carbon emissions per NT Dollar spent. Holders of the “Low-Carbon Lifestyle” Debit Card will receive the same unlimited 1% cashback reward that holders of regular O-Bank cards could have on purchases made both domestically or overseas, regardless of which sales channel it was purchased from. In addition, the “Low-Carbon Lifestyle” cardholder who activates the “Consumer Spending Carbon Calculator”, makes at least one purchase per month, and keeps average carbon emissions below 8 grams per NT dollar spent in that same month, will automatically enjoy an additional cashback reward in that month. For those who meet these conditions, the cashback reward on a maximum of NT$20,000 worth of ordinary domestic card purchases will be raised to 1.5%, while the cashback reward on all ordinary overseas card purchases, regardless of amount, will also be raised to 1.5%. By offering higher cashback rewards, O-Bank seeks to strongly encourage consumers to buy products and services with smaller carbon footprint.
Those who hold a “Low-Carbon Lifestyle” Debit Card, in addition to getting the cashback reward percentages based on the carbon footprint of the purchases, also enjoy a discount when making purchases from any of the following 24 social enterprises and B Corps: Zen Zhou, KULLKU, Thanks Giving, Taiwan Good Fish, Good Island, Blueseeds, GoodWill Foods, Luyao Ecology Mushrooms, Origin, Djulis, DOMI, Tribake, Agoood, TeaTalk, Twine, Buy Directly From Farmers, Cha Tzu Tang, Green in Hand, Greenvines, 2021 Social Enterprise, Aromase, Victory Kitchen, Sunny Founder, and Better Milk. A “Low-Carbon Lifestyle” cardholder who makes a purchase from any of these 24 companies which are socially conscious and environmentally friendly can receive 5% or 10% off or a free gift from the merchant, not to mention the automatic 4.22% cashback reward that O-Bank offers for green purchases (the capped amount of the additional cashback reward is NT$100). The amount of these cashback rewards, merchant discounts, and O-Bank’s standard 1% cashback reward of the debit card aggregate to a total 15% discount.
On March 30, 2022, O-Bank held a press conference to announce its “Consumer Spending Carbon Calculator” function which was presided over by O-Bank Chairperson Miss Tina Y. Lo, and was attended by Mr. Elton Lee, President of O-Bank, and Miss Eva Chen, Head of Mastercard Taiwan. Representatives from 24 social enterprises and B Corps were present and they were also able to showcase their products at the press conference. Miss Lo stated: “By launching this ‘Consumer Spending Carbon Calculator’ function, O-Bank hopes to take advantage of its position as a financial intermediary to help consumers develop a greater awareness of the carbon emissions generated by their daily purchases. Hopefully, that awareness will motivate them to reduce purchase-related carbon emissions. We further hope that the preferential demand deposit rates and the Low-Carbon Lifestyle Debit Card that we are rolling out in due course will lead consumers to engage in carbon reduction behavior. We believe that less is more! The less your actions result in carbon emissions, the more rewards you’ll receive from O-Bank. We strongly believe that, as a pioneer of innovation and technology in the banking industry in Taiwan, we must bear and fulfill our responsibilities to the society and the environment.”
For further details on the “Consumer spending carbon calculator” function: https://www.o-bank.com/web/Event/carboncalculator/index.html
For further details on the O-Bank “Low-Carbon Lifestyle” Debit Card: https://www.o-bank.com/web/Event/lowcarboncard/index.html