Mastercard Inc (NYSE:MA) has launched a global project to recycle expired credit and debit cards to reduce the amount of plastic that ends up in landfill.
British bank HSBC Holdings PLC (LSE:HSBA) will team up with payment processors to provide a new eco-friendly way of destroying old cards.
Shredding machines that can store up to 50kg of destroyed cards will be added to eight HSBC branches in the UK.
Collecting and storing up to 10,000 cards when full, the machines will be emptied at a plastic recycling facility
The US financial service urged other banks across the world to get involved with the 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.
Any plastic card can be recycled including those of competitors if the branch has signed up for the scheme.
The project is still in its pilot stage and will run for six months before being reviewed.