• Friday, March 29, 2024

Business

HSBC launches recycled credit card as green plan

(Photo by FABRICE COFFRINI/AFP via Getty Images)

By: Shubham Ghosh

HSBC India on Thursday (25) launched India’s first credit card manufactured from recycled PVC plastic.

It said the roll-out is part of a new programme started by HSBC Group to introduce sustainable cards across all its locations in the world to support its global commitments to sustainability and a net-zero future, Mint reported.

The new cards, made from 85 per cent recycled plastic, will help in saving 3.18 grams of plastic waste per card besides helping to lower overall carbon emission.

Raghujit Narula, the head of wealth and personal banking at HSBC Bank, said the foreign bank’s move towards recycled credit cards stresses on the group’s global ambitions towards achieving net zero in its own operations by 2030.

“Creating a positive impact on the environment is an imperative and we will look at a further integration of sustainability-led aspects across our business processes. As a responsible corporate citizen, we are committed to playing a role in fighting climate change and this move towards recycled plastic credit cards is just one amongst many initiatives that we are driving,” he said.

The cards have been launched in partnership with global cards maker IDEMIA and they will gradually eliminate the single-use PVC plastic. The bank said the initiative has initially been rolled out for HSBC Cashbank Credit Card and will gradually be extended to all card variants.

“Sustainable payment cards are part of IDEMIA’s Greenpay portfolio and demonstrate how innovation can be a positive force for society and the environment; and is a positive affirmation of our commitment to rethinking how to design, use, and reuse plastic in the payments industry, while offering our customers cutting-edge solutions,” Amit Kakatikar, senior vice-president (financial institutions, India) at IDEMIA was quoted as saying by Mint.

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