Mastercard's global plan to recycle credit cards

Payments major Mastercard announced a global programme to recycle credit and debit cards in an effort to prevent the billions of cards now in use throughout the sector from ending up in landfills

Initially partnering with British lender HSBC Holdings Plc (HSBA.L) 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, reported Reuters

"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.

As part of the agreement, Mastercard will give HSBC shredding equipment that can store 10,000 cards, or 50 kg (110 lb) of plastic, at a time. Once full, it will be transferred to a plastic recycling facility.

"This recycling pilot will provide us with some very important insight and will inform our longer-term plans," said Jose Carvalho, head of wealth and personal banking at HSBC UK.

The plan's financial particulars were not disclosed. Customers will be able to recycle any plastic card through the pilot project, which will operate for the first six months, this includes cards from competitors.