CPI® and Payactiv Demonstrate Commitment to More Eco-Friendlier Business Practices with Upcycled Plastic Payment Cards
LITTLETON, Colo.–(BUSINESS WIRE)–CPI Card Group Inc. (OTCQX: PMTS, TSX: PMTS) (“CPI” or the “Company”), a payment technology company and leading provider of credit, debit and prepaid solutions, today marked Earth Day by announcing a collaboration with Payactiv, the leader in Earned Wage Access (EWA) and a Certified B-Corp, to produce Earthwise™ High Content Cards for the Payactiv Visa® Card* programs. The Earthwise™ High Content Card, which is made with up to 98 percent upcycled plastic, depending on design, helps reduce first-use plastic in payment cards and uses plastic waste that might otherwise end up in a landfill. The collaboration between the companies is the latest example of CPI’s and Payactiv’s broader commitment to environmental stewardship.
Through Earthwise™, Payactiv can offer its users an EMV® compliant and dual interface capable card produced using post-industrial upcycled plastic. Earthwise™ will allow Payactiv, the only EWA provider whose program has been approved as a non-credit product by the Consumer Financial Protection Board (CFPB), to offer businesses a holistic financial wellness solution that also counts sustainability within its unique value proposition.
“We’re thrilled to join with CPI to offer payment cards made with more eco-focused materials and reduce our impact on the environment,” said Payactiv Founder and CEO Safwan Shah. “With Earthwise™, making an impact has never been so important for businesses, their employees and stakeholders. We look forward to financially empowering millions of people with our platform, while bringing clients into the fold as we help create a more sustainable future.”
“Visa is committed to driving sustainable commerce, including advancing sustainability in payment cards and accounts,” said Douglas Sabo, Chief Sustainability Officer, Visa. “We’re proud of our work with CPI Card Group, and we applaud their collaboration with Payactiv to support the future of a more sustainable payments ecosystem.”
The Earthwise™ High Content Card is part of Earth Elements™, CPI’s portfolio of more eco-focused payment cards, which includes the recently launched Earthwise™ Recycled PVC Card, featuring up to 85 percent upcycled PVC, dependent on design. The portfolio also features Second Wave®, the first to market, EMV® compliant, dual interface capable, high quality payment card featuring a core made with recovered ocean-bound plastic.
“Our relationship with Payactiv is driven by a shared purpose to be more environmentally responsible. We’re thrilled to collaborate on offering eco-focused cards as we extend the reach of Earthwise™ cards and help reduce the use of first-use plastic in payment products,” said Guy DiMaggio, SVP & GM of Secure Card and Sustainability Solutions, CPI Card Group. “We applaud Payactiv’s continued efforts to lead by example in taking steps to protect the environment and are proud to support a new way for the businesses and people they serve to join them in their mission.”
Also announced today, Payactiv will seek to partner with a leading design school to continue to identify and support the future development of environmentally inspired designs and expressions. These designs will be showcased in an annual competition to review the best ideas on how to encourage the use of eco-focused payment cards.
To learn more about the Earthwise™ High Content Card, click here.
Payactiv, a Public Benefit Corporation and Certified B-Corp, is a holistic financial-wellness platform that provides employees on-demand access to earned but unpaid wages. Businesses that partner with Payactiv see significant cost reductions through increased recruitment, engagement and retention. Employees love Payactiv because it eliminates the expensive between-paychecks toll of payday loans, bank overdrafts and late fees. Payactiv offers a suite of financial services that includes savings and budgeting tools, bill payment and financial-health measurement. Payactiv is the winner of the Innovative Payments Association’s Consumer Champion Award, a Finovate winner and finalist, and the recipient of numerous best-in-class awards in both FinTech & HRTech. It is also the provider of Earned Wage Access to Walmart and the only EWA program with an approval order from CFPB.
In 2020, Payactiv released a short film titled, “We Heard You.” Learn more at www.payactiv.com.
About CPI Card Group®
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.
*This is a Payactiv Visa Prepaid Card issued by Central Bank of Kansas City, Member FDIC, pursuant to a license from Visa U.S.A. Inc.
ICR Inc. for CPI Card Group