On June 30, MasterCard recently announced that it will eliminate PVC plastic from its physical card production process by 2028.

Mastercard

MasterCard said that starting January 1, 2028, all newly manufactured MasterCard plastic cards will be made from renewable materials, including recycled polyvinyl chloride (rPVC) and recycled polyethylene (rPE). Provide technical support to partners and card issuers to phase out PVC plastic.

MasterCard has launched the sustainable development physical card program since 2018. With the help of more than 330 card issuers in 80 countries and regions around the world, it has launched more than 168 million physical cards made of recycled materials and biomaterials.

In mid-June, MasterCard launched a global project to recycle credit and debit cards. The plan will first provide HSBC with card shredders, each of which can hold 10,000 cards, equivalent to holding 110 pounds (IT House Remarks: About 50 kg) of plastic. Once the card shredder is full, MasterCard will take care of diverting the used cards to a plastic recycling facility.

MasterCard said the program, which will be piloted for six months, will allow the bank’s customers to recycle any plastic card, including cards from MasterCard’s competitors such as VISA.

MasterCard says it currently has about 3.1 billion cards in circulation, and estimates that the banking industry produces about 600 million cards a year, with each card having a useful life of about five years.

According to a previous report by the research institution Nielsen, the total number of cards in circulation in the world will be close to 26 billion in 2022, and it is predicted that it may increase to 28.4 billion by 2027.

Table of Contents

What kind of Company is MasterCard?

MasterCard is a multinational financial technology company that operates as a global payments network. It is one of the world’s largest payment processing companies alongside Visa, American Express, and Discover. MasterCard provides a range of financial services and solutions that facilitate electronic funds transfer, making it easier for individuals, businesses, and institutions to make secure and convenient digital transactions.

Mastercard company

As a payments network, MasterCard connects financial institutions, such as banks and credit unions, merchants, and consumers. It enables the authorization, processing, and settlement of electronic payments, including credit card and debit card transactions. MasterCard provides the underlying infrastructure and technology necessary for seamless and secure payments across different channels, including physical Point-of-Sale (POS) terminals, online platforms, mobile devices, and contactless payments.

What are Renewable Materials?

Renewable materials, also known as sustainable or bio-based materials, are resources derived from natural sources that can be replenished or regenerated within a relatively short period. They offer environmentally friendly alternatives to non-renewable resources, contributing to the reduction of negative impacts on the planet.

renewable materials

Firstly, renewable materials include timber, bamboo, cork, and natural fibers like cotton and hemp. These resources can be sustainably harvested and utilized for construction, furniture, packaging, and textiles. By using these materials, we can reduce the reliance on non-renewable resources like fossil fuels and minimize deforestation.

Secondly, bioplastics and bio-based composites are derived from renewable resources such as starch, vegetable oils, and plant fibers. These materials serve as eco-friendly alternatives to traditional plastics and help reduce pollution caused by the disposal of non-biodegradable products. They are used in a variety of applications including packaging, cutlery, and consumer goods.

Lastly, renewable materials also encompass natural rubber derived from rubber trees and natural dyes obtained from plants and minerals. These resources are utilized in various industries such as automotive, medical, and textile, providing sustainable alternatives to synthetic materials and chemicals.

Summary and Outlook

Cards made of environmentally friendly materials have become more and more popular in recent days, and the government will also give reasonable tax cuts to companies that use environmentally friendly materials to make cards. Choosing a card made of environmentally friendly materials is not only beautiful in appearance, but also shows the intentions of the company.

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