Payments technology company CPI Card Group Inc. has debuted its Push Provisioning service, the Colorado company said in a news release Wednesday (March 23).
The service “facilitates the tokenization of a Mastercard debit and credit card through in-app provisioning to a large network of mobile wallets including Apple Pay, Google Pay, Samsung Pay and Click to Pay,” CPI said.
The company said issuers have come to see the importance of complementing physical cards with provisioning that supports mobile wallet usage. CI said its solution lets issuers overcome challenges, such as lack of resources or infrastructure limitations, to offer a mobile payment solution as part of an omni-channel experience.
“Some consumers view the provisioning of payment card credentials into mobile wallets as an expected part of their experience and an issuer’s value proposition,” said Lane Dubin, SVP and general manager, prepaid, personalization solutions and instant issuance for CPI Card Group. “Issuers need to be able to compete in mobile arenas — not only for the revenue opportunity, but also for the success of their overall issuance strategy.”
CPI said it allows issuers to provide cardholders with a custom-branded mobile wallet experience, “all while CPI accommodates cardholders when they change their preferred app or mobile wallet by constantly expanding compatibility.”
Earlier this month, card issuing platform Marqeta announced it would be used by Citi Commercial Cards for its tokenization-as-a-service capabilities, allowing Citi to provision corporate plastic cards and virtual cards into mobile wallets.
Data from Trading Platforms shows digital or mobile wallet payments were the most used point-of-sale method for payments worldwide in 2020, with a 21.5% share. By 2024, mobile wallets are projected to account for a third of all global point-of-sale transactions.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More