How Plastic Bank works
Progressive people and businesses subscribe to:
fund plastic collection
help clean the environment
support communities
Members gather and exchange plastic for:
increased income
zero-interest loans
education
social benefits
Impact is traceable:
Collections and exchanges are verified through our proprietary blockchain-secured platform
Subscribers get access to authentic stories from collection communities
Funding collection helps:
provide raw material for creating recycled plastic feedstock
substitute virgin with recycled plastic
offset plastic consumption
create a circular economy for plastic
How does the collection process work?
Plastic exchange
The certified collection branch records its transactions in the PlasticBank® app. The branch selects the 18+ age-verified collection member’s account, then separates and weighs the plastic by type and colour. The transaction concludes by paying the market rate for the collected plastic. The collection member receives the cash value for the market rate of the materials directly from the collection branch.
Collection branches deliver plastic to our certified processor partners. The processor records its purchases in the app and pays the market rate to the collection branch. The processor cleans the collected plastic and processes the plastic as post-consumer recycled (PCR) feedstock for reintegration into the global manufacturing supply chain.
Registration and recording
Collection branches are trained to use the app to register and age-verify collection members, update the market rate for each material type, and record transactions from members by weight and material type. Partner processors are also trained to use the app to update the market rate for each material type, record transactions from collection branches by weight and material type, and upload a receipt that matches the app transaction in weight, material and price.
Transaction verification
Exchanges are reviewed daily by Plastic Bank staff using our approval and flagging system. Processor sales receipts are uploaded and verified weekly to ensure the data entered matches the amount delivered and paid by the processor. If the name of the receipt does not match the recorded collection branch or the volume recorded, the app recording is rejected and voided. Plastic Bank’s bonus disbursement system unlocks the digital tokens upon successful verification of delivery to the processor for bonus-eligible materials. Every exchange has a unique claim ID to prevent double impact counting. Plastic Bank’s order management system assigns ownership of the exchanges to each partner's order. Partners gain access to their orders’ audit trail through their Impact Account.
