Mastercard and HSBC are Making the Card Industry More Sustainable
Laura McQuarrie — June 28, 2023 — Eco
References: nfcw
Mastercard and HSBC in the UK are piloting a card recycling system that aims to set a precedent for the global card industry. With this program, cardholders have the chance to drop off expired payment cards in a secure and dedicated payment box within HSBC bank branches. Within the collection boxes, expired cards that are dropped off are shredded and the built-in chip is destroyed so that people don't have to choose between sustainability and personal security.
For this project, TerraCycle takes the shredded card waste and forms pellets and powders that can be repurposed into other useful products.
As this initiative demonstrates, both brands and consumers are actively making concerted efforts to reduce plastic waste in their everyday lives, embracing even the smallest steps towards sustainability.
For this project, TerraCycle takes the shredded card waste and forms pellets and powders that can be repurposed into other useful products.
As this initiative demonstrates, both brands and consumers are actively making concerted efforts to reduce plastic waste in their everyday lives, embracing even the smallest steps towards sustainability.
Trend Themes
1. Card Recycling - There is a growing trend of card recycling systems that aim to reduce plastic waste and promote sustainability in the card industry.
2. Secure Payment Boxes - The use of secure payment boxes in bank branches is a trend that enhances the security of expired payment cards while allowing for easy recycling.
3. Repurposing Card Waste - The trend of repurposing shredded card waste into pellets and powders for other useful products is gaining momentum in the efforts to reduce plastic waste.
Industry Implications
1. Banking - The banking industry can leverage secure card recycling systems to enhance customer trust and promote sustainable practices.
2. Card Manufacturing - The card manufacturing industry can explore disruptive innovation opportunities to develop more sustainable materials and processes for card production.
3. Waste Management - The waste management industry can capitalize on the trend of repurposing card waste by developing innovative recycling technologies and solutions.
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