Business
CPI Card Group® Joins NextWave Plastics to Further Strengthen Commitment to Use Recovered Ocean-Bound Plastic in Payment Card Products
CPI® joins other leading companies to scale the use of ocean-bound plastics; builds on CSR initiatives and Second Wave™ recovered ocean-bound plastic credit
About this update from Cpi Card Group Inc.
[{"type":"text","content":"\nCPI® joins other leading companies to scale the use of ocean-bound plastics; builds on CSR initiatives and Second Wave™ recovered ocean-bound plastic credit and debit cards\n\n LITTLETON, Colo.--(BUSINESS WIRE)--\nNextWave Plastics, a Lonely Whale initiative convening leading companies to develop the first global network of ocean-bound plastics supply chains, today announces 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, as the latest new member company to join the consortium.\n\n\nIn September 2019, CPI introduced the first to market payment card featuring a core made with recovered ocean-bound plastic. Named Second Wave™, the high-quality card from CPI is EMV® compliant and dual interface capable.\n\n\nSecond Wave™ offers businesses an opportunity to engage a growing market of environmentally-conscious consumers while helping reduce first-use plastic and divert plastic waste from entering the ocean. CPI estimates that, for every 1 million Second Wave™ payment cards produced, over 1 ton of plastic will be diverted from entering the world’s oceans, waterways, and shorelines. Since launching the card in 2019, CPI has produced and delivered over 10 million Second Wave™ cards, diverting at least an estimated 10 tons of plastic from entering the ocean.\n\n\n“CPI is dedicated to being a responsible corporate citizen - and we take pride in offering financial institutions and companies across various card industry segments an innovative way to incorporate sustainable solutions into their portfolios,” said Guy DiMaggio, SVP & General Manager of Secure Card Solutions at CPI Card Group. “Joining NextWave supports our commitment to addressing the problem of plastic entering the Earth’s oceans. We look forward to collaborating with and learning directly from the leading technology companies and consumer brands that are NextWave members – as we explore new ways to incorporate ocean-bound plastics into our products and better protect our planet.”\n\n\nLonely Whale, a nonprofit that develops data-driven campaigns that reconnect us to each other by encouraging behavior change away from single-use plastic and toward a healthy, thriving ocean, launched NextWave Plastics alongside Dell Technologies in 2017 to bring together a cross-i...