MasterCard, one of the biggest card issuers today has announced a global program to recycle the plastic card waste going into landfills, thus stopping the degradation of the environment from it’s part.
Under this program, MasterCard will issue shredding machines to each partner and will collect the shredded plastic after a certain capacity and will recycle it. The company is initially partnering with HSBC, but invites all the banks across the world to join this initiative for economies of scale.
A Global Plan For Recycling
Plastic in any form is a threat to the environment, if it’s not properly treated. Thus, we see many companies and governments initiating plans to recycle the disposed plastic, and helping our globe to stay a livable place.
In this pursuit, MasterCard announced a global project to recycle the debit and credit cards of all the banks, around the world, to save our environment. The company is having billions of such cards in circulation, while some go into landfills every year. MasterCard invites all the banks across the world to join it’s project.
“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,”
As of now, it partnered with eight branches of HSBC in Britain, where it provides shredding machines to cut all these useless cards and be recycled for new purpose. As per reports, these shredding machines can hold up to 10,000 cards, equivalent to 50 kg of plastic. Once full, it will be transferred to a plastic recycling facility.
MasterCard alone has around 3.1 billion cards in circulation, with the total units recorded at 26 billion cards by 2022 – as noted by the Nilson Report and with the industry producing 600 million cards every year, this number is expected to rise to 28.4 billion by 2027. While the financial details about this new plan are unknown, MasterCard says it’s pilot program will run for six months and also accepts cards from their rivals too.
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