With the new Science Card account and Mastercard debit card, people can now support British innovation in health, climate change and technology simply by paying with their debit card.
Through the free account, Science Card customers can choose which UK university projects they would like to support and automatically contribute to those projects every time they use their Science Card.
When customers make a card payment, Science Card automatically rounds up the amount and uses it to fund research on the topics or projects selected by the customer. Roundups can be multiplied from 1x to 10x and customers can vary the projects to which they round up.
Current research projects that interested parties can support include projects on kidney transplantation, dementia and cervical cancer, which are being carried out at King’s College London, University College London, Newcastle University and Kingston University.
The UK is an international centre for research and development, but currently spends only around 2.7% of GDP on research. This is less than countries such as Germany, South Korea and the US, where research spending is as high as 4.6% of GDP.* As a result, the UK has an estimated £4 billion funding gap**, which often results in university researchers spending a disproportionate amount of their time seeking funding rather than doing their research.
Science Card aims to solve this problem by allowing researchers to crowdfund their work. Not only does this create a new and innovative way to fill the sector’s funding gap, but it also provides an opportunity to raise public awareness of the cutting-edge research taking place at UK universities.
Science Card customers are kept updated by academics and researchers on project progress and learn how their contributions contribute to a better future.
Science Card founder Dr. Daniel Baeriswyl said: “The UK is a world leader in research and development and has enormous potential to advance health, technology and tackling climate change. But too many people in these sectors spend their time securing increasingly hard-won funding, distracting them from what matters most and risking vital research never taking place in the first place.
“At Science Card, we want to overcome that. Our mission is to bridge the gap between science and financial services, empowering people to shape our sustainable future and drive groundbreaking breakthroughs and innovations in science and technology – all by simply going about their everyday spending.”
Darren Deal, Senior Vice President, Fintech, Government & Digital Partnerships at Mastercard, said: “We are excited to join Science Card in tackling some of the greatest challenges of our time and supporting future innovations in health, science and technology. At Mastercard, we are focused on using the latest payment technology to give more people the opportunity to support causes they care about and help build a better future.”
Professor Bashir M. Al-Hashimi CBE FREng FRS, Vice President (Research & Innovation) at King’s College London, said: “At King’s, we are training the next generation of scientists and creating a better, more sustainable future. The funding provided by Science Card and its customers will help to further strengthen this work and support important technological advances in areas such as aerospace, medical imaging and environmental monitoring.”
Science Card was founded with the mission of building a financial platform that accelerates innovation in science and technology and aims to be the preferred global banking partner in the fight against cancer, climate change and pollution.
In addition to the rounding feature, Science Card also offers its customers a free e-money checking account service, including:
- Safes for organizing finances
- The ability to send and receive money instantly, both domestically and abroad
- A Mastercard debit card that can be used online, in person or by phone
- Industry-leading security features to protect your account and card
Science Card will donate 10% of its profits directly to the research projects it supports.
