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Mastercard (NYSE:MA ) launched a global project to recycle debit and credit cards from any issuer to ensure these cards don't end up in landfills, Reuters reported. 80x80 Thermal Till Rolls
The pilot project, which will run for six months, will be a partnership with British lender HSBC (NYSE:HSBC ). Under this, Mastercard ( MA) will provide shredding machines that can hold 10K cards at eight HSBC ( HSBC) branches. Once full, these will be transferred to a plastic recycling plant.
Financial details of the plan were not disclosed. "This recycling pilot will provide us with important insight and will inform our longer-term plans," said Jose Carvalho, head of wealth and personal banking, HSBC (HSBC) UK.
Mastercard (MA) has ~3.1B cards in circulation at present, the report said, and estimates the industry produces ~600M cards yearly. There were close to 26B cards in circulation in 2022 and this could rise to 28.4B by 2027, according to the Nilson Report.
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