# Mastercard launches global plan to recycle credit cards Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2023-06-21 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: Mastercard launches global plan to recycle credit cards Meta Description: Join Mastercard and HSBC in recycling plastic cards to save the environment and reduce plastic waste. Be part of the solution today! URL: https://financedigest.com/mastercard-launches-global-plan-to-recycle-credit-cardshtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2023-06-21t050347z1lynxmpej5k03brtroptp4mastercard-hsbc-cards-1736813852323-compressed.jpg) # Mastercard launches global plan to recycle credit cards By Simon Jessop LONDON (Reuters) – Payments company Mastercard on Wednesday launched a global project to recycle credit and debit cards as part of a plan to save the billions of cards in circulation across the industry from landfill. Initially partnering with British lender HSBC Holdings Plc 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 and help build economies of scale. We are inviting all card issuers [around the world](https://www.financedigest.com/what-a-5-note-will-buy-you-around-the-world.html "What a £5 note will buy you 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. Under the plan, Mastercard will provide shredding machines to HSBC, each of which is capable of holding 10,000 cards, equivalent to 50 kg (110 pounds) of plastic. Once full, it will be transferred to a plastic recycling facility. Financial details about the plan were not disclosed. The pilot project, which will run for an initial six months, will allow customers to recycle any [plastic card](https://www.financedigest.com/the-plastic-cards-market-to-grasp-through-the-fine-courses-of-novelty.html "The Plastic Cards Market To Grasp Through The Fine Courses Of Novelty"), including those from rivals. 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](https://www.financedigest.com/gen-z-finance-banking-on-success-with-personalized-outreach.html "Gen Z & Finance – Banking on success with personalized outreach ") at HSBC UK. Currently, Mastercard [said it has around 3.1 billion](https://www.financedigest.com/naturgys-profit-rises-on-lng-gains-soothing-shareholders-by-pietro-lombardi-madrid-reuters-spanish-power-utility-naturgy-reported-on-monday-an-88-jump-in-profit-for-the-first-six-months-of.html "Naturgy’s profit rises on LNG gains, soothing shareholders By Pietro Lombardi MADRID (Reuters) – Spanish power utility Naturgy reported on Monday an 88% jump in profit for the first six months of the year, boosted by strong earnings at its liquefied natural gas (LNG) business, which could help it to win over restive investors. Earlier this month, the company said it would increase its dividend floor through 2025 while trimming expected investment, as it sought to make rewarding shareholders a priority. Pleasing them has become a focus as Naturgy considers changes that could reshape the company and after arguments over the potential appointment of a chief executive. Naturgy’s first-half net profit jumped to 1.05 billion euros (.16 billion), boosted by its liquefied natural gas (LNG) business. Shares were down 0.2% in mid-morning trading, bucking deeper declines, in particular for Spain’s blue-chip banks and utilities after a general election on Sunday produced no clear winner. Renta 4 Banco analyst Angel Perez Llamazares said Naturgy performed better than expected, adding “cash flows also beat our expectation,” and debt fell more than expected. After natural gas prices hit record levels last year, Naturgy said a fall in procurement costs this year and hedging gains had boosed profits. In the first half of the year, the company “exceeded the objectives of operating efficiency, cash generation, investment materialisation and debt reduction,” Executive Chairman and CEO Francisco Reynes said. After rival Iberdrola named a separate CEO last year, Naturgy is the only large energy company in Spain to combine the roles of executive chairman and CEO. Earlier this month, the company raised the dividend floor to 1.40 euros a share, from 1.20 euros. Operating profit (earnings before interest, tax, depreciation and amortisation) is expected to reach 5.1 billion euros, compared with a previous guidance of 4.8 billion euros. It said it was targeting net profit of 1.8 billion euros in 2025. Naturgy also relaunched its plan to split regulated infrastructure operations and liberalised energy businesses into two listed companies. The project had been suspended after the Ukraine war disrupted energy markets and analysts are still sceptical. “We believe it is unlikely that Naturgy will be able to implement its asset split in the short term and it is also unlikely that a big change in the shareholding of the company would occur,” said RBC analyst Fernando Garcia. ( = 0.8986 euros) (Reporting by Pietro Lombardi, editing by Inti Landauro and Barbara Lewis)") cards in circulation. Each year, it [estimates around 600 million cards are produced by the industry](https://www.financedigest.com/industrial-lighting-market-estimates-the-market-to-expand-at-around-6-6-cagr-from-2021-to-2031.html "Industrial Lighting Market Estimates the market to expand at around 6.6% CAGR from 2021 to 2031"), each with a life span of around five years. The Nilson Report, which analyses the industry, put total cards in circulation at nearly 26 billion in 2022, and [forecast that could rise](https://www.financedigest.com/thai-headline-inflation-at-22-month-low-lowers-2023-price-rise-forecast.html "Thai headline inflation at 22-month low, lowers 2023 price rise forecast") to 28.4 billion by 2027. Soaring plastic use has created one of the world’s biggest environmental challenges, with plastic waste buried in landfills or polluting rivers and oceans. The manufacturing process for plastic is also a major source of planet-warming [greenhouse gas](https://www.financedigest.com/guerlain-join-forces-with-seenthis-to-minimise-greenhouse-gas-emissions-in-digital-advertising-campaigns.html "Guerlain join forces with SeenThis to minimise greenhouse gas emissions in digital advertising campaigns"). (Reporting by Simon Jessop; Additional reporting by Tommy Reggiori Wilkes; Editing by Jonathan Oatis) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---