Finance & Economics

Bank Natwest Installs Card Recycling Machines

The British bank Natwest has started installing reverse vending machines, with which you can recycle old credit and debit cards.

Bank Natwest Installs Card Recycling Machines

Source: Pixabay.com

The financial institution conducted a study, according to the results of which it became known that since 2017, more than 380 tons of waste from plastic cards have appeared in the UK. This amount of waste is equivalent to 211 running elephants.

Reverse vending machines offer a safe and environmentally friendly way of recycling plastic cards. Currently, there are 65 million cards in the wallets and bags of UK residents that are not used. Vending machines can also recycle plastic bottles and card readers.

The first reverse vending machines will be installed this year in Victoria Place and Canary Wharf shopping centers in London. Also, the bank, in cooperation with the National Health Service, will install two devices in Guy and St. Thomas hospitals.

In December, the Spanish bank Santander launched a similar pilot program for the disposal of plastic cards that are not used by customers or have expired. This initiative was implemented in the British branches of the financial institution.

Alison Rose, CEO of Natwest Group, urged all residents of London to look for unnecessary plastic cards in their homes and send them for recycling to combat pollution in the city.

The installation of automatic machines is not the only initiative of the bank in the fight against environmental pollution. The financial institution offers businesses a special loan for the introduction of clean energy. A service for financing “green” is designed to help in the purchase of batteries, boilers that do not use fossil fuels, and onshore wind turbines. The bank offers flexible lending for the purchase of a range of low-emission vehicles. Natwest also advises clients on environmental issues.

As we have reported earlier, NatWest Adds New Functionality to Open Banking.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.