Banking giant HSBC to use only recycled plastic for cards by end 2026
Bank's UAE clients will soon see their credit and debit cards made of recycled plastic
Dubai: The UK banking giant HSBC will introduce 'sustainable' payment cards across all its global operations and by end 2026 eliminate single-use PVC plastic in favour of recycled PVC plastic (rPVC) for debit, credit and commercial cards.
Working with cards manufacturer IDEMIA, the bank will introduce the rPVC versions gradually. Rollout started in Malaysia in January, and will continue in Sri Lanka this month followed by the UAE, Australia, Canada, Indonesia, Macau, Mexico, Singapore, UK and US by the end of 2021.
“This is an important step towards HSBC achieving its goal of being net-zero in its own operations by 2030,” said Daniel Robinson, Head of Wealth and Personal Banking at HSBC UAE. A survey found that most people (92 per cent) think their bank should actively contribute to preserving the planet; and 87 per cent expect their banks to offer eco-friendly cards.
“We look forward to working with HSBC as it migrates its card portfolio worldwide to rPVC," said IDEMIA’s Executive Vice-President for Financial Institutions Amanda Gourbault. "Manufactured from waste materials, rPVC cards significantly reduce plastic waste, which is one of the most pressing problems of our world.”