ALBAWABA - Payment company Mastercard launched a global project aimed at recycling credit and debit cards as part of a plan to save billions of cards from ending up in landfills.
Mastercard, initially partnering with UK bank HSBC Holdings in eight branches across Britain, stated that banks worldwide, some of which have already launched local initiatives, would be able to join the program and help reduce costs.
Ajay Bhalla, President of Cyber and Intelligence Solutions at Mastercard, said, "We invite all card issuers around the world to participate with us, regardless of the region they operate in, and we provide card recycling for their customers." As part of the plan, Mastercard will supply HSBC with shredding machines, each capable of handling ten thousand cards, equivalent to 50 kilograms of plastic. Once filled, they will be transported to a plastic recycling facility.
Financial details of the plan have not been disclosed. During its initial six-month pilot phase, the project will allow customers to recycle any plastic card, even if it belongs to a competitor of Mastercard.
