PSCU Collaborates with CPI Card Group to Reduce Plastic Waste

Rhea-AI Summary

On National Recycling Day, PSCU announced a collaboration with CPI Card Group Inc. (PMTS) to introduce environmentally friendly payment cards made from recycled plastic. A survey revealed that 91% of cardholders are concerned about plastic waste. The new products include CPI’s Earthwise™ card, which can contain up to 85% upcycled plastic, and Second Wave® card, created from ocean-bound plastic, expected to divert over a ton of plastic for every million cards produced. This partnership supports PSCU's sustainability efforts aimed at reducing environmental impact.

Positive

• Collaboration with PSCU enhances CPI's eco-friendly product offerings.
• Earthwise™ card can contain up to 85% upcycled plastic, appealing to environmentally conscious consumers.
• Second Wave® card diverts significant ocean-bound plastic, increasing brand reputation.

Negative

• None.

ST. PETERSBURG, Fla.--(BUSINESS WIRE)-- In conjunction with National Recycling Day, recognized on Nov. 15, PSCU – the nation’s premier payments credit union service organization (CUSO) – has announced it is collaborating with CPI Card Group Inc. (Nasdaq: PMTS) to offer cards that reduce first-use plastic by incorporating recycled plastic into the card body.

According to a CPI survey conducted by an independent research firm, 91% of debit and credit cardholders indicate they are concerned about plastic waste in landfills, and 73% of respondents say it is important that their financial institution is environmentally conscious. In the next several months, PSCU will begin providing Owner credit unions with access to the following CPI products:

• CPI’s Earthwise™ upcycled payment card, which is aimed at reducing first-use plastic and reusing plastic waste that might otherwise enter a landfill. The Earthwise™ Recycled PVC card can contain up to 85% upcycled plastic, depending on design.
• CPI’s Second Wave^® payment card is the first payment card featuring a core made with recovered ocean-bound plastic. CPI estimates more than a ton of plastic will be diverted from entering the world’s oceans, waterways and shorelines for every 1 million Second Wave^® payment cards produced.

“Our goal in offering products like Earthwise™ and Second Wave^® is to reduce first-use plastic in payment cards, either by diverting plastic waste from entering the world’s oceans or by using post-industrial plastic that might otherwise have entered a landfill,” said Terra Grantham, vice president of Strategy and ESG of CPI. “We want to lead the payments industry towards reducing first-use plastic in conjunction with delivering a world-class cardholder experience for consumers. With the help of CUSOs like PSCU, we are getting one step closer to driving a meaningful impact towards more eco-focused card products.”

PSCU is working to minimize environmental impact and reduce its carbon footprint where possible. The CUSO’s sustainability efforts include instituting and promoting recycling efforts, reducing consumption, reusing materials and choosing more eco-friendly products, among other initiatives.

“It is clear that financial institutions and their cardholders care about the environment and are looking to partners across the industry for help with adopting the mantra of ‘Reduce, Reuse, Recycle,’” said Cody Banks, vice president of Payment & Fraud Solutions at PSCU. “PSCU is proud to play an active role in helping mitigate the payments industry’s environmental waste, and we look forward to working alongside CPI to provide more eco-focused products to our Owner credit unions and their members.”

About PSCU
PSCU, the nation’s premier payments CUSO, supports the success of more than 1,800 financial institutions representing more than 6.9 billion transactions annually. Committed to service excellence and focused on innovation, PSCU’s payment processing, risk management, data and analytics, loyalty programs, digital banking, marketing, strategic consulting and mobile platforms help deliver possibilities and seamless member experiences. Comprehensive, 24/7/365 member support is provided by contact centers located throughout the United States. The origin of PSCU’s model is collaboration and scale, and the company has leveraged its influence on behalf of credit unions and their members for more than 40 years. Today, PSCU provides an end-to-end, competitive advantage that enables credit unions to securely grow and meet evolving consumer demands. For more information, visit pscu.com.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211115005203/en/

Media:

Leah Knepper

French/West/Vaughan

919-277-1176

LKnepper@fwv-us.com

ICR Inc. for CPI Card Group

Sourav Das

203-682-8283

media@cpicardgroup.com

Source: CPI Card Group Inc.

FAQ

What is the collaboration between PSCU and CPI Card Group Inc. (PMTS)?

PSCU is collaborating with CPI Card Group Inc. to offer payment cards made from recycled plastic, aiming to reduce plastic waste.

What products are being introduced by PSCU and CPI Card Group?

The products include the Earthwise™ upcycled payment card and the Second Wave® payment card, both designed to reduce first-use plastic.

When was the collaboration announced?

The collaboration was announced on National Recycling Day, recognized on November 15.

How much plastic can the Earthwise™ card contain?

The Earthwise™ card can contain up to 85% upcycled plastic, depending on the design.

What environmental impact does the Second Wave® card have?

For every million Second Wave® cards produced, over a ton of ocean-bound plastic will be diverted from entering oceans and shorelines.