Mastercard launches global plan to recycle credit cards

LONDON: Payments company Mastercard on Wednesday launched a global project to recycle credit and debit cards as part of a plan to save the billions of cards in circulation across the industry from landfill.

Initially partnering with British lender HSBC Holdings Plc in eight branches in Britain, Mastercard said banks across the world, some of which have launched local initiatives, would be able to join the programme and help build 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 Ajay Bhalla, president of cyber and intelligence at Mastercard Inc.

Under the plan, Mastercard will provide shredding machines to HSBC, each of which is capable of holding 10,000 cards, equivalent to 50 kg (110 pounds) of plastic. Once full, it will be transferred to a plastic recycling facility.

Financial details about the plan were not disclosed. The pilot project, which will run for an initial six months, will allow customers to recycle any plastic card, including those from rivals.