PSCU collaborates with CPI Card Group to reduce plastic waste
ST. PETERSBURG, FL (November 15, 2021) — 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/Co-op Solutions is the nation’s premier payments credit union service organization (CUSO) and an integrated financial technology solutions provider. With over four decades of industry experience and a commitment to service excellence and innovation, the company serves more than 4,000 financial institutions throughout North America. PSCU/Co-op Solutions leverages its expertise and resources on behalf of credit unions and their members, offering an end-to-end product portfolio that includes payment processing, fraud and risk management, data and analytics, digital banking, instant payments, strategic consulting, collections, ATM and POS networks, shared branching and 24/7/365 member support via its contact centers. For more information, visit pscu.com and coop.org.
