In this picture illustration, we can see credit cards from Mastercard Inc., highlighting their global project to recycle these cards and prevent them from ending up in landfills. This initiative, launched in collaboration with HSBC Holdings Plc, aims to invite banks worldwide to join the program and contribute to the economies of scale.
Ajay Bhalla, President of Cyber and Intelligence at Mastercard Inc., stated, “We are extending an invitation to card issuers globally, regardless of their region, to partner with us and offer card recycling to their customers.” As part of the plan, Mastercard will supply HSBC with shredding machines capable of holding 10,000 cards, equivalent to 50 kg (110 pounds) of plastic. Once full, the shredded cards will be transferred to a plastic recycling facility. Financial details of the plan have not been disclosed.
The pilot project, set to run for six months initially, allows customers to recycle any plastic card, including those from competitors. Jose Carvalho, Head of Wealth and Personal Banking at HSBC UK, mentioned that the insight gained from this pilot will guide their long-term plans.
Currently, Mastercard has approximately 3.1 billion cards in circulation, with the industry producing around 600 million cards annually, each with a lifespan of about five years. The Nilson Report, an industry analysis, predicts that the total number of cards in circulation will reach nearly 26 billion by 2022 and potentially rise to 28.4 billion by 2027.
Plastic usage has become a major global environmental challenge, with plastic waste polluting landfills, rivers, and oceans. The manufacturing process of plastic also contributes to greenhouse gas emissions, exacerbating climate change.
By taking steps to recycle credit and debit cards, Mastercard and HSBC are addressing these pressing environmental issues.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
