On Wednesday, payment company Mastercard launched a global project to recycle credit and debit cards as part of a plan to prevent billions of cards in circulation from ending up in landfills. Mastercard, which initially partnered with British bank HSBC Holdings at eight branches in the UK, stated, “Banks around the world, some of which have launched local initiatives, will be able to join the program and help reduce costs.” Ajay Bhalla, President of Cyber & Intelligence Solutions at Mastercard, called on all card issuers worldwide to "join us, regardless of their operating region, and we provide recycling for their customers' cards."
Under the plan, Mastercard is set to supply HSBC with shredders, each capable of handling ten thousand cards, equivalent to 50 kilograms of plastic. Once filled, the cards will be transported to a plastic recycling facility. Financial details regarding the plan have not been disclosed. The project's pilot phase, which will last six months, will allow customers to recycle any plastic card, even those from companies competing with Mastercard.
