Mastercard Launches Program to Recycle Expired Credit Cards

Most people don’t have a plan for their credit and debit cards once they expire, but now Mastercard is launching a global project to recycle the expired plastic.

HSBC Holdings PLC, a British bank, will team up with Mastercard and other payment processors to provide a new, eco-friendly way of destroying old cards. HSBC will add shredding machines, which can store up to 50kg of destroyed cards, to eight of its branches in the UK.

The shredding machines can collect and store up to 10,000 cards. Once full, the machines will be emptied at plastic recycling facilities.

Mastercard has come out and urged other banks around the world to take part in this project.

"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.

This new project is in its pilot stage, which will last six months and be reviewed thereafter.

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