Mitto: the Spanish fintech to bank - and spend - green
A recent study by the Harvard Business school determined that most consumers have incredibly positive appreciation towards eco-friendly products and services. Their attitude changes, for the better, when faced with socially conscious companies — particularly when it comes to sustainable brands. In a study they surveyed, over 65% of consumers said they want to buy brands and purchase products that advocate green practice. Nevertheless, only 26% of them actually do so.
Why? There’s an “intention-action gap.” One that is notably pressured by the fact that it’s not exactly easy being green. Based on how hard it is, consumer’s intentions clash with the challenges of staying true to their morals and ethics. In this article, we’re going to talk about Mitto. What Mitto is? What benefits Mitto has for you. And, more importantly, how Mitto can help you, bridge that gap and help mother nature.
What is Mitto?
Mitto is a financial service/platform that helps you spend your money responsibly. It helps you contribute to the planet’s well-being, and maintain a sustainable green outlook by accomplishing vital goals. Mitto’s manifesto - there actually is one - highlights the consumer’s power to determine the world they will eventually live in. One purchase, one payment, one transaction at a time.
Mitto helps you control your overall footprint on this planet — encouraging you to spend in socially conscious green brands and overtime changing your spending habits.
Mitto is a digital wallet and/or physical card for spending both online as well as offline. Right now, the Spanish fintech has been launched in Europe but it is already making headways to expand its reach into Latin America.
How exactly does Mitto work?
Mitto wants you to be 100% aware of your impact on the environment. How your choices and decisions, when you’re shopping, change the planet we live in. Each purchase you make, with a Mitto’s linked credit, or debit card, the algorithm calculates your greenhouse gas (CO2) emissions.
CO2 - Carbon Dioxide - is a component that’s measured in tonnes and has a heavy tax on our planet. It is a natural emitted gas that is released into the atmosphere. CO2 is the main culprit of greenhouse effects, climate changes, and global warming.
The more CO2 we release into the atmosphere, or the more the companies we buy from discharge in our steed while manufacturing our favorite products, the more we harm our environment. The main cause of global warming is CO2 emissions — and the main cause of those emissions are human activities. Every T-shirt you purchase, every show you binge-watch, every plane trip you take, they all cause irreparable damage to our ecosystem.
How does Mitto calculate your carbon footprint?
Mitto’s platform calculates your CO2 emission by following certain parameters coded into its software.
- Every purchase you make with a Mitto card is tabulated and correlated by the app.
- Your purchase is classified and catalogued by the MMC code — MCC (Merchant Category Code) is a four-digit number listed for retail financial service. MCC is mainly used to classify a business by the type of products or services they provide.
- Your purchase is then reviewed by Mitto’s algorithm and mirrored against various databases to determine that brand’s sustainability and its MCC codification.
- The algorithm then calculates your CO2 emission.
- Your purchase is assigned a CO2 total for every euro spent on it.
Benefits of using Mitto
Mitto’s main benefit is helping you comprehend how your purchase affects the environment and perhaps give you the right tools to change your habits. One tiny simple change could go a long way. Nonetheless, the platform has a couple of other great advantages.
Mitto allows you to get discounts on sustainable brands and services — Up to 30%. Right now, the company is making huge strides and signing on multiple brands that embrace its visions. Among them, retailers that encourage healthy food options, foster an eco-friendly syllabus in their educational services, use recyclable materials for their products, that value their consumer's health above everything else. Brands that in essence stay true to Mitto’s company policy and culture.
More control over your spending
Mitto helps you keep track of your spending habits and allows you a more robust control over your finances. By giving you clear statistics on your deposits, expenses, and habits, Mitto empowers you have a firmer grasp of your economy.
Control your kid’s spending
Available for teens over the age of 14, Mitto is a great way for parents to keep an eye on how their kids are using their allowances or money. It also teaches kids how to manage their money responsibly while also helping out the planet.
All Mitto cards are issued by VISA. This means that you use them to purchase items or services in any of the establishments that accept VISA. It also means that all your transactions, per the company’s policy, are protected against fraud.
All your personal information, all your private data, is also safeguarded through the use of advanced SSL certificate and TLS encryption protocols.