Mastercard (MA.N) launched a global credit and debit card recycling program on Wednesday to preserve the billions of cards in circulation from landfills.
Mastercard initially partnered with British lender HSBC Holdings Plc (HSBA.L) at eight branches in Britain. However, banks worldwide, some of which have established local initiatives, might join the program and assist in building economies of scale.
“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 Mastercard Inc., president of cyber and intelligence Ajay Bhalla.
Mastercard will give HSBC 10,000-card shredding devices that accommodate 50 kg (110 pounds) of plastic. It will go to a plastic recycling plant when full.
Plan finances were not disclosed. Customers can recycle any plastic card, including rivals, during the six-month experimental project.
“This recycling pilot will provide us with some very important insight and will inform our longer-term plans,” said HSBC UK head of wealth and personal banking Jose Carvalho.
Mastercard reported 3.1 billion active cards. The industry produces 600 million cards annually, each with a five-year lifespan.
The Nilson Report predicted 28.4 billion cards in circulation by 2027.
Plastic pollution pollutes rivers and oceans and clogs landfills. Plastic production generates greenhouse gas.
