Mastercard To Start Global Plan to Recycle Credit Cards
Payments company Mastercard has announced a global plan to recycle credit and debit cards, as part of a commitment to reduce waste and protect the environment.
Although credit cards are small, there are presently about 25 billion of them in use, and when it comes time to dispose of them, all that plastic can mount up.
Mastercard announced that banks from across the world, some of which have started local initiatives, would be able to join the program and assist achieve economies of scale after initially working with the British lender HSBC Holdings Plc in eight branches in the UK.
The plan, which is being piloted in eight HSBC branches in the UK, will see Mastercard provide shredding machines to banks and other card issuers. Once shredded, the cards will be recycled into new products, such as benches and playground equipment.
Mastercard said that it is inviting all card issuers around the world to partner with it on the project, and that it hopes to recycle 1 billion cards by 2025.
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“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 Ajay Bhalla, president of cyber and intelligence at Mastercard Inc.
“We are committed to making a positive impact on the environment,” said Ajay Bhalla, president of cyber and intelligence at Mastercard. “This project is a significant step in our journey to reduce waste and protect the planet.”
The announcement comes as Mastercard is facing increasing pressure from environmental groups to do more to reduce its environmental impact. In 2021, the company pledged to become carbon neutral by 2050.
According to Mastercard, there are currently about 3.1 billion cards in use. According to estimates, the sector produces 600 million cards annually, each with a lifespan of about five years.
Although it is still a new concept, credit card recycling is gaining traction. Similar plans to recycle 1 billion cards by 2025 were made public by Visa in 2022.
The world-wide initiative by Mastercard to recycle credit cards represents a significant advance in the fight against plastic pollution. It serves as a reminder that even little deeds can have a significant impact.
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