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CPI Card Group® Achieves Milestone of Selling Over 90 Million Eco-Focused Payment Cards
Rhea-AI Impact
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Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
CPI Card Group has achieved a significant milestone by selling over 90 million eco-focused payment cards as of the end of 2022. This success underscores the increasing demand from financial institutions and fintechs for sustainable card solutions. The company, which focuses on using upcycled and ocean-bound plastics, has noted a strong shift towards environmentally friendly products among consumers.
In collaboration with major players like Payactiv, CPI aims to support sustainability goals in the financial sector. A recent survey revealed that 79% of respondents would consider switching to a card made from recovered plastics. CPI's commitment to sustainability is further demonstrated through its involvement in the Greener Payment Partnership.
Positive
Sold over 90 million eco-focused payment cards, demonstrating strong market demand.
High consumer interest with 79% likely to switch to cards made with recovered ocean plastics.
Partnerships with prominent institutions like Payactiv enhance market credibility.
Active participation in the Greener Payment Partnership signifies commitment to sustainability.
Negative
None.
CPI® sees continued momentum for an eco-focused card portfolio among sustainability-minded financial institutions of all sizes, including Payactiv
LITTLETON, Colo.--(BUSINESS WIRE)--
As the world prepares to celebrate Earth Day on April 22, CPI Card Group Inc. (Nasdaq: PMTS) (“CPI” or the “Company”), a payment technology company and leading provider of credit, debit and prepaid solutions, is pleased to announce that through the end of 2022, it has sold over 90 million of its eco-focused payment cards.
The success of CPI’s suite of cards using upcycled plastic and recovered ocean-bound plastic demonstrates the continued momentum and demand among financial institutions and fintechs like Payactiv to adopt more eco-focused payment card products for customers and support organizational sustainability goals. In 2019, CPI signed one of the largest U.S.-based financial institutions to debut Second Wave® cards, which feature a core made with recovered ocean-bound plastic and, in March 2022 CPI announced having crossed the 50-million mark for all eco-focused payment cards sold.
“Reaching the 90 million milestone for CPI’s card portfolio is a testament to the growing engagement among eco-conscious consumers to help protect the planet in choices both big and small. The financial services industry, along with the business community at large, is evolving in response,” said John Lowe, EVP, End-to-End Payment Solutions, CPI Card Group. “We are thrilled to serve as a payments leader and guide to financial institutions and fintechs as they align with their own sustainability goals and look forward to many more milestones to come.”
CPI works with some of the largest names in the financial services industry, including banks, fintechs and credit unions of all sizes. Customers like Payactiv share a commitment to sustainability, and view eco-focused cards as a way to help them deliver on that commitment.
“CPI’s eco-focus card options allow us to offer a more environmentally friendly product while helping businesses empower their employees to reach their financial wellness goals,” said Ijaz Anwar, Co-founder and COO, Payactiv. “As a Public Benefit Corporation and Certified B Corp., we are on a mission to create an impact - both for our clients and the communities we serve. We are especially thrilled to contribute to CPIs efforts to reach this important milestone. Reducing our impact on the environment is critical and we are proud to offer eco-focused payment cards to our users.”
Since 2020, CPI has also been a proud member of the Greener Payment Partnership (GPP) formed by Mastercard and other major card manufacturers with a goal to reduce first-use PVC plastic in card manufacturing. Mastercard recently announced its decision to remove first-use PVC plastics from payment cards on its network by 2028. CPI also reports results from an independent survey conducted in the fall of 2022 indicating a strong customer interest in cards with recycled content. When asked if they would switch to a recovered ocean plastic card, 79% of respondents would switch if it were offered by their current issuer. More notably, over half (51%) would switch to a different issuer if they were to offer a recovered ocean plastic card with the same features and benefits.
To learn more about CPI’s eco-focused payment cards, click here.
About Payactiv
Payactiv, an award-winning certified B-Corp, is the leading provider of Earned Wage Access, offering a suite of financial wellness services designed to empower people to participate in the economy they helped create. Our platform and digital wallet serve 2,000+ businesses and level the playing field for millions of workers who struggle with cashflow between paychecks.
Payactiv is also the winner of the “Best Innovative or Emerging Tech Solution” at the 2022 HR Tech Awards, a Silver Stevie® Award for our “All-in-One Digital Wallet and Livelihood Platform”, and “Best Wellness Program” award at the California Excellence HR Awards.
CPI Card Group is a payment technology company providing a comprehensive range of credit, debit, and prepaid card solutions, complementary digital solutions, and Software-as-a-Service (SaaS) instant issuance. With a focus on building personal relationships and earning trust, we help our customers navigate the constantly evolving world of payments, while delivering innovative solutions that spark connections and support their brands. We serve clients across industry, size, and scale through our team of experienced, dedicated employees and our network of high-security production and card services facilities—located in the United States. CPI is committed to exceeding our customers’ expectations, transforming our industry, and enhancing the way people pay every day.
What recent milestone did CPI Card Group achieve regarding eco-focused payment cards?
CPI Card Group has sold over 90 million eco-focused payment cards as of the end of 2022.
What is the significance of CPI's eco-focused cards in the market?
CPI's eco-focused cards reflect a growing demand among financial institutions and consumers for sustainable payment solutions.
Which companies are partnering with CPI for eco-focused card solutions?
CPI is partnering with various financial institutions, including Payactiv, to promote eco-focused payment cards.
What consumer interest exists in eco-focused payment cards?
A survey indicated that 79% of consumers would switch to a card made from recovered ocean plastics if offered by their current issuer.
What is the Greener Payment Partnership?
The Greener Payment Partnership is an initiative founded by Mastercard and other major card manufacturers aimed at reducing PVC plastic usage in card production.
