CPI Card Group® Introduces Second Wave® Cards for Instant Issuance

Rhea-AI Summary

CPI Card Group (OTCQX: PMTS, TSX: PMTS) has launched Second Wave® cards for instant issuance, made with recovered ocean-bound plastic. This initiative, integrated with the Card@Once® solution, allows financial institutions to provide eco-friendly cards that cater to environmentally-conscious consumers. According to a CPI study, 94% of consumers are worried about ocean plastic, and 87% find ocean-plastic cards appealing. CPI estimates that every million Second Wave cards produced will divert over one ton of plastic from oceans. This eco-focused approach highlights CPI's commitment to sustainability while enhancing cardholder experience.

Positive

• Introduction of Second Wave® cards enhances eco-friendly product offerings for CPI.
• Estimated diversion of over one ton of plastic for every million cards produced supports sustainability.
• Research shows strong consumer interest; 94% concerned about ocean plastic, 87% find ocean-plastic cards appealing.

Negative

• None.

CPI Card Group (OTCQX: PMTS, TSX: PMTS) (“CPI” or the “Company”), a payment technology company and leading provider of credit, debit and prepaid solutions, today announced the availability of an option for Second Wave^® cards for instant issuance. The EMV^® and dual interface contactless capable blank white card stock, which features a core made with recovered ocean-bound plastic, allows financial institutions to seamlessly print and issue full image cards made with more eco-focused materials through CPI’s Card@Once^® instant issuance solution.

The combination of Card@Once and Second Wave builds on the current capabilities to personalize and fulfill eco-focused card options for issuers, allowing them to simultaneously serve the on-demand needs of cardholders and support sustainability initiatives. By adding payment cards featuring a core made with recovered ocean-bound plastic to their portfolio, financial institutions are able to engage a growing market of environmentally-conscious consumers, while helping to reduce first-use plastic and divert plastic waste from entering the ocean.

Ninety-four percent of consumers say they are concerned about the amount of plastic waste in the oceans, according to a CPI Card Group Consumer Insights Study—with 87 percent of respondents finding the idea of an ocean-plastic card appealing. Notably, 53 percent of survey respondents were willing to switch to another financial institution if it offered such cards with the same features and benefits. CPI estimates that for every one million Second Wave cards produced, over one ton of plastic will be diverted from entering the world’s oceans, waterways and shorelines.

The sustainability advantages of Second Wave bring a new edge to the robust benefits of Card@Once – the first Software-as-a-Service (SaaS) instant issuance solution. Card@Once’s SaaS based-model eliminates the need for financial institutions to maintain their own software or servers, making it cost-effective and easy to issue new and replacement debit or credit cards, on-demand. CPI manages implementation, support and maintenance for the cloud-based solution, connecting financial institutions and their cardholders to the advantages of secure and quick-to-implement instant card issuance technology.

“We’re thrilled to make our eco-focused payment card options even more accessible to customers already enjoying the convenience of Card@Once,” said Guy DiMaggio, SVP & GM of Secure Card and Sustainability Solutions, CPI Card Group. “Our goal is to not only help customers better enhance the cardholder experience, we are also working to reduce the utilization of first-use plastic in card products, making this product availability ideal to help further our commitment.”

To learn more about Second Wave^®, click here.

To learn more about Card@Once^®, click here.

About CPI Card Group Inc.

CPI Card Group^® is a payment technology company and leading provider of credit, debit and prepaid solutions delivered physically, digitally and on-demand. CPI^® helps our customers foster connections and build their brands through innovative and reliable solutions, including financial payment cards, personalization, and Software-as-a-Service (SaaS) instant issuance. CPI has more than 20 years of experience in the payments market and is a trusted partner to financial institutions and payments services providers. Serving customers from locations throughout the United States, CPI has a large network of high security facilities, each of which is registered as PCI compliant by one or more of the payment brands: Visa, Mastercard^®, American Express^® and Discover^®. Learn more at www.cpicardgroup.com.

EMV^® is a registered trademark in the U.S. and other countries and an unregistered trademark elsewhere. The EMV trademark is owned by EMVCo, LLC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210427005458/en/

FAQ

What are Second Wave® cards from CPI Card Group?

Second Wave® cards are eco-friendly payment cards made with recovered ocean-bound plastic, available for instant issuance.

How does the launch of Second Wave® cards affect CPI Card Group's market strategy?

The launch aligns with CPI's strategy to meet the growing demand for sustainable products among environmentally-conscious consumers.

What is the significance of the Card@Once® solution in CPI's offerings?

Card@Once® is a SaaS instant issuance solution that simplifies the process for financial institutions to issue debit and credit cards on-demand.

How much plastic waste will the Second Wave® cards help reduce?

For every one million Second Wave cards produced, CPI estimates that over one ton of plastic will be diverted from entering oceans.