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HSBC switches to recycled plastic payment cards
HSBC is announcing a new programme to introduce sustainable payment cards across all its global locations . By the end of 2026 , it will eliminate single-use PVC plastic , in favour of recycled PVC plastic ( rPVC ).
The programme – which includes HSBC ’ s debit , credit and commercial cards – is part of the bank ’ s strategy to reduce its carbon emissions and achieve net zero in its operations and supply chain by 2030 or sooner .
Working with global cards manufacturer , IDEMIA , the bank will introduce new cards gradually across its locations . Roll-out started in Malaysia in January 2021 and will continue in Sri Lanka this month , followed by the UK this summer . It will then extend across further countries and markets by the end of 2021 , including Australia , Canada , Indonesia , Macau , Mexico , Singapore , UAE and US .
Based on the current volume of cards issued by HSBC per year ( 23 million ), the
WE ’ RE DELIGHTED THAT RECYCLED PLASTIC MATERIALS ARE NOW AVAILABLE AT A SCALE THAT ENABLES US PROGRESSIVELY TO REPLACE OUR PAYMENT CARDS AROUND THE WORLD .
move to rPVC will reduce CO 2 emissions by 161 tonnes a year .
Each card will also reduce plastic waste – 73 tonnes per year , that ’ s the weight of over 40 cars .
Richard Harvey , Group Head of Retail Banking Products , at HSBC , said : “ We ’ re delighted that recycled plastic materials are now available at a scale that enables us progressively to replace our payment cards around the world .
“ This will reduce our carbon emissions as we transition to sustainable materials throughout the card production process . This is another step as we move towards a net zero business , to help the bank and our customers make a positive impact on the environment .”
As locations begin issuing rPVC cards , customers requiring new or replacement cards will be the first recipients .
To preserve the life of their existing cards for as long as possible , recycled plastic cards will be issued as their old cards naturally expire . The availability of rPVC cards will vary by location , as each country joins the programme .
The move to rPVC underpins HSBC ’ s global ambition to build a thriving and resilient future and is part of the bank ’ s transition to be a net zero business . The switch is a first step in a gradual transition to issue cards made from sustainable materials , and HSBC will continue to evaluate other alternative materials too .
Taylan Turan Group Head of Customers , Products and Strategy at HSBC , said : “ HSBC is committed to achieving net zero by 2050 or sooner , and we ’ ve pledged to work with our customers in all sectors to reduce emissions .
“ Evolving our payment cards to eliminate single-use plastic cards is part of our aim to be net zero in our operations and supply chain by 2030 or sooner . New sustainable materials , such as rPVC , offer the financial services industry a clear way to accelerate its efforts to build a more sustainable future , and we ’ re proud to be part of a movement which is gathering momentum across the world .” x
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