NINGDE, China, Nov. 8, 2024 /PRNewswire/ -- The Global Battery Alliance (GBA) today successfully unveiled the results of the 2024 Battery Passport pilots during the Annual General Meeting, hosted in Shanghai and Ningde. Ten consortia, led by the world's leading battery cell manufacturers, successfully completed the largest pre-competitive effort to establish harmonized battery passport. As a member of the GBA, CATL supported this initiative by leading two pilot projects for its Shenxing and CTP batteries, achieving a new milestone towards more transparent and sustainable battery value chains.
In January 2023, GBA published the world's first battery passport proof of concept in Davos, Switzerland during the World Economic Forum Annual Meeting. Building on the successful launch in 2023, the consortia worked with seven digital solution providers to determine the provenance and flow of seven materials: lithium, graphite (artificial), aluminum, cobalt, copper, iron phosphate, and nickel.
Aligning with existing regulations and voluntary standards, seven rulebooks were developed through a multi-stakeholder process by the GBA, including Greenhouse Gas Emissions, Biodiversity, and Circular Design.
With separate passports for its Shenxing and CTP batteries, CATL was one of the first companies to share its results from the pilots with data verification by independent agencies. This achievement reaffirms CATL's commitment to providing customers with sustainable and high-quality battery solutions. With an overall carbon footprint of 49 kgCO2eq/kwh across both pilots, CATL demonstrated its dedication to reducing emissions throughout the battery lifecycle. Furthermore, strong performance across all battery passport criteria highlights CATL's commitment to transparency, traceability, and environmental responsibility. By prioritizing sustainability, CATL aims to deliver value to customers while contributing to a greener future.
CATL remains committed to the development of GBA battery passports as a tool to enhance product transparency, safety, and sustainability. This initiative aligns with CATL's sustainable development vision, promoting transparency in product carbon footprint and ESG performance. By participating in the GBA battery passport development and advocacy, CATL aims to contribute to the establishment of global standards for battery industry sustainability, bridging regulatory gaps and fostering a greener future.
Beyond battery passports, CATL strives to actively contribute towards the development of industry standards and best practices. The company's nine carbon-neutral factories and innovative tools like CCMS and CREDIT demonstrate its dedication to reducing its environmental footprint.
Commenting on the launch, Inga Petersen, Executive Director of the GBA said: "We are thrilled with the results of the 2024 Battery Passport pilots and congratulate all participating organisations for this major achievement. Having the world's leading cell manufacturers mobilize their supply chains, work pre-competitively and report on harmonised sustainability expectations represents an unprecedented commitment to greater transparency and sustainability in the battery industry as captured in the 2030 GBA Vision."
Jiang Li, Vice President and Board Secretary of CATL, said: "The future of the battery industry lies in collaborative efforts to ensure sustainability and circularity. CATL is proud to be at the forefront of these efforts. Through our participation in the Battery Passport initiative and our active engagement in the GBA, we are shaping a more sustainable future for the battery sector."
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
Global Battery Alliance Unveils Results of Wave Two Battery Passport Pilots, Two CATL Programs Included
Global Battery Alliance Unveils Results of Wave Two Battery Passport Pilots, Two CATL Programs Included
SINGAPORE, Nov. 8, 2024 /PRNewswire/ -- FOMO Pay, a leading Singapore-headquartered major payment institution, has announced a strategic collaboration with Mastercard to launch its Tap on Phone payment solution, FOMO SoftPOS. This solution allows merchants to accept contactless card payments directly on their smartphones[1] with the FOMO Pay app from the Google Play Store. This solution provides customers with more payment options while giving merchants greater flexibility and mobility as multiple smartphones can be activated for use as needed.
Singapore is the first country in Asia-Pacific where Mastercard will introduce Cloud Commerce, empowering local payment providers like FOMO Pay to build cloud-based products. Mastercard's Cloud Commerce is a cloud-based payment solution that lets merchants process transactions on mobile devices without needing physical POS terminals. By leveraging cloud technology, it reduces hardware dependency, streamlines setup, and offers flexible, scalable payment options. This empowers businesses to accept payments anywhere with internet access, meeting the demands of today's digital-first consumers. With Mastercard, FOMO Pay is able to bring Tap on Phone solutions to merchants, and offer the technology to banks and financial institutions who want to roll out their own branded SoftPOS.
While over 90% of Singaporeans use contactless payments, small and medium-sized enterprises (SMEs) are slower to adopt them. Only 50% of SMEs accept mobile wallets, and 36% accept contactless cards, largely due to a reluctance to maintain payment hardware.
Tap on Phone solutions can cut these costs by over 90%, making card payments more accessible for SMEs. This innovation will bring millions[2] of new acceptance points for card payments in Asia.
Merchants can download the FOMO SoftPOS app and accept a wide range of payment methods, such as QR payments, mobile wallets, and credit cards. Use cases of the Tap on Phone solution include pop-up stores, food trucks, taxis, pay-on-delivery services and more. In addition to merchants, banks and financial institutions can also leverage the Tap on Phone technology and provide their own contactless payment solutions to their merchants.
Louis Liu, founder and CEO of FOMO Pay, said, "Tap on Phone solutions offer an affordable, portable, and hassle-free way for businesses to accept payments, enhancing operational efficiency and customer satisfaction. Our FOMO SoftPOS empowers more businesses to accept payments using their own mobile devices, driving financial inclusion and supporting the growth of SMEs. Mastercard Cloud Commerce is central to this mission, helping us create scalable solutions that address the needs of today's fast-evolving digital economy."
Ms Deborah Heng, Country Manager, Singapore, Mastercard, said: "Accepting payments through traditional methods can be challenging for small businesses. Smartphone-based payment solutions lower cost of acceptance and simplify onboarding, making the payment process smoother and more efficient. Mastercard Cloud Commerce will advance payment solutions and help small businesses unlock the benefits of digital payments, while offering their customers a simple and secure payment experience."
[1] Only available for Android devices (Android 12 onwards) with NFC capabilities.
[2] https://seads.adb.org/solutions/realizing-potential-over-71-million-msmes-southeast-asia
About FOMO Pay
Founded in 2015, FOMO Pay Pte Ltd is a major payment institution licensed in Singapore and Hong Kong. The firm has become a leading one-stop digital payment, digital banking, and digital asset solution provider. It is currently building Asia's fully licensed financial platform, helping institutions and businesses connect between fiat and digital currency. The firm offers its three flagship products:
Visit www.fomopay.com for more information. For media inquiries, contact marketing@fomopay.com.
About Mastercard
Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we're building a sustainable economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.
www.mastercard.com
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
FOMO Pay Teams Up with Mastercard to Enable Contactless Card Acceptance through FOMO SoftPOS
