Companies will globally promote and market CPI’s Earthwise high content card through exclusive agreement
CPI Card Group Inc. (OTCQX: PMTS, TSX: PMTS) (“CPI” or the “Company”), a leading provider of credit, debit and prepaid solutions, and Visa (NYSE: V) today launched the Earthwise™ High Content Card. Made with up to 98 percent upcycled plastic, depending on design, the Earthwise™ High Content Card makes for a more sustainable payment card.
CPI created the Earthwise™ High Content Card, the first of its kind endorsed by Visa, to help reduce first-use plastic in payment cards and reduce plastic waste entering landfills. Through an exclusive agreement, the companies will initially provide all Visa-issuing financial institutions worldwide access to the Earthwise™ High Content Card, which is EMV® compliant and dual interface capable, enabling both contact and contactless payment.
“Visa is committed to advancing sustainability in everything we do, from the 100 percent renewable electricity that processes transactions in our data centers, to the sustainable card materials coming to cardholders’ wallets,” said Douglas Sabo, vice president and head of corporate responsibility and sustainability at Visa Inc. “Our collaboration with CPI signifies a further milestone in our efforts to drive our goal of inclusive growth with a commitment to protecting the environment. We’re proud that this offering will ultimately benefit the entire payments industry and environment.”
The Earthwise™ High Content Card will initially be Visa-branded. This is the first time Visa has proactively worked with a partner to develop a financial card made with more sustainable materials to meet increasing interest from both issuers and consumers. A recent CPI Consumer Insights survey of debit and credit card users conducted by an independent research firm, found 73 percent of respondents indicated it is “important” that their financial institution is environmentally-conscious, and over 57 percent would be interested in a card made with recycled materials.
The Earthwise™ High Content Card is produced using rPETG – a type of upcycled plastic. “Upcycled” is defined as the act of taking something no longer in use and giving it a second life and new function. CPI used its manufacturing strength and innovation to achieve a payment card that combines post-industrial rPETG with the essential, non-plastic components, including the EMV chip, antenna and adhesives, to create a card containing up to 98 percent upcycled plastic, depending on the final card design for each particular issuer. The new card joins Earth Elements™, CPI’s portfolio of more eco-friendly payment cards, which includes Second Wave™, the first to market, EMV® compliant, dual interface capable, high quality payment card featuring a core made with recovered ocean-bound plastic.
“We applaud Visa’s commitment to sustainability and its first-to-market approach,” said Guy DiMaggio, SVP and General Manager, Secure Card Solutions, CPI Card Group. “Taking steps to protecting the Earth is an everyday priority for CPI. We hope our efforts continue to empower issuers and cardholders everywhere to help reduce the impact of plastic waste on our planet.”
Source: Company Press Release