As the world observes Eco Week from February 10 to February 18, TrustistTransfer has made a comparison of the environmental impact of various payment methods – with Bitcoin emerging as the least eco-friendly.
During Eco Week, TrustistTransfer CEO Nigel Apperley highlights the carbon footprint associated with various payment methods – including Bitcoin. Citing data from Statista, TrustistTransfer reveals that the energy consumption of one Bitcoin transaction is equivalent to several hundred thousand VISA card transactions. In 2023, 1 Bitcoin transaction required 703.25 kWh of energy, compared to just 148.63 kWh for 100,000 VISA transactions.
Bitcoin’s Environmental Challenge
While traditional card transactions have environmental implications, contributing an annual carbon footprint of 416,742 tonnes of CO2 emissions, TrustistTransfer underscores that the energy usage of both cards and open banking pales in comparison to the environmental impact of Bitcoin transactions.
Nigel Apperley comments on the data, stating, “The analysis conducted by TrustistTransfer underscores the substantial environmental benefits of opting for traditional payment cards over Bitcoin.”
In contrast, replacing card payments with open banking transactions could reduce the environmental impact to 104,222 tonnes, as revealed by research from Open Banking Excellence. TrustistTransfer advocates for open banking as a greener alternative to both Bitcoin and traditional card payments.
Showcasing Environmental Benefits
As Eco Week coincides with the school half term, TrustistTransfer aims to draw attention to the environmental benefits of open banking products. Nigel Apperley adds, “During this Eco Week, TrustistTransfer has drawn out the comparisons to showcase the value of the environmental benefits that open banking products, such as those developed by TrustistTransfer, are delivering.”
TrustistTransfer’s advocacy for open banking aligns with the broader global effort to adopt eco-friendly practices in various sectors, emphasizing the pivotal role of financial technology in fostering a greener future.