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Mastercard, in collaboration with HSBC, has kick-started a global initiative aimed at recycling credit and debit cards, reducing the colossal quantity ending up in landfills. This pioneering scheme, welcoming card issuers across the globe, offers a sustainable solution for industrial waste and provides economic growth opportunities.
Ajay Bhalla, the Cyber and Intelligence President of Mastercard, said they are inviting all card issuers worldwide to a partnership, no matter what region they are in, and offer card recycling to their customers.
As part of the plan, HSBC will receive shredding machines from Mastercard that can hold up to 10,000 cards each, with a total weight of 50 kg (110 pounds) of plastic. When the bins are full, the used cards will be transferred to a recycling plant, creating a sustainable solution to the problem of waste from the industry.
Although the financial details for the program remain undisclosed, the project is expected to last for six months, with customers of rival banks also free to take part. In addition to reducing plastic waste, this program will provide sustainable growth and economic opportunities for all parties involved.
With 3.1 billion of its own cards in circulation, Mastercard produces around 600 million new ones each year which have a lifespan of about five years. While The Nilson Report projects that nearly 26 billion cards will be in circulation throughout 2022, this number could rise to 28.4 billion by 2027. As plastic use continues to be a major environmental problem, with waste filling up our landfills and polluting our oceans, this program by Mastercard is a positive move towards a sustainable future.
Meanwhile, Mastercard has announced the expansion of its Engage program, aimed at linking potential card issuers with partners possessing relevant technical expertise. This comes as good news for the ever-growing number of cryptocurrency firms, who will now be able to use the credit card giant's extensive global network to bring cryptocurrency card programs to market in record time.
This program will allow card companies to offer seamless crypto-to-fiat conversions, making it an attractive option for those looking to stay ahead of the game. Plus, Mastercard has made sure to identify and partner with companies that issue cards or are BIN [bank identification number] sponsors looking to make a splash in the crypto-card world.
Photo: Paul Felberbauer/Unsplash
