Mastercard, a leading payments company, announced the launch of a global initiative on Wednesday aimed at recycling credit and debit cards. The objective is to prevent billions of cards from ending up in landfills, contributing to environmental sustainability within the industry.
To kickstart this initiative, Mastercard has formed a partnership with HSBC Holdings Plc, a prominent British lender. Initially, the program will be implemented in eight HSBC branches across Britain. However, Mastercard plans to extend participation to banks worldwide, enabling them to join the initiative and contribute to the development of economies of scale.
By recycling old cards, the companies aim to reduce waste and promote responsible disposal practices within the financial sector. This collaborative effort reflects a commitment to environmental stewardship and highlights the importance of sustainability in the payments industry.
Through this international card recycling plan, Mastercard and HSBC seek to make a significant impact on reducing the environmental footprint associated with discarded cards, fostering a more environmentally conscious approach among financial institutions globally.
“We are inviting all card issuers around the world to partner with us, no matter what region they are in, and offer card recycling to their customers,” said the president of cyber and intelligence at Mastercard Inc., Ajay Bhalla.
The company will provide shredding machines to HSBC that can hold up to 10,000 cards, or around 50 kg of plastic.
“This recycling pilot will provide us with some very important insight and will inform our longer-term plans,” said Jose Carvalho, head of wealth and personal banking at HSBC UK.
The move comes to help find solutions for the ongoing environmental challenges caused by plastic waste.
