Payment technology company CPI Card Group Inc. Push Provisioning launched, Colorado Corporation reports in a Press release Wednesday (March 23).
CPI said the service “makes it easy to tokenize a Mastercard debit and credit card by providing an integrated provision of an extensive network of mobile wallets, including Apple Pay, Google Pay, Samsung Pay and Click to Pay.”
The company said that issuers have come to understand the importance of supplementing physical cards with a provision that supports the use of a mobile wallet. CI said its solution enables issuers to overcome challenges, such as lack of resources or infrastructure limitations, to offer a mobile payment solution as part of the omnichannel experience.
“Some consumers view the provision of payment card credentials in mobile wallets as an expected part of their experience and the value proposition provided by the issuer,” he said. Lynn DubinSenior Vice President and General Manager of CPI Cards Prepaid, Personalization and Instant Issuance Solutions. “Issuers need to be competitive in the mobile arena — not only for the revenue opportunity, but also for the success of their overall issuance strategy.”
CPI said it enables card issuers to provide cardholders with a personalized, branded mobile wallet experience, “empowering cardholders as they change to their preferred wallet or mobile apps by constantly expanding compatibility.”
Earlier this month, card issuance platform Marqeta announced that it would be using Citi Commercial Cards for its token-as-a-service capabilities, allowing Citi to provide plastic cards and virtual business cards in mobile wallets.
Data from exchanges shows that digital or mobile wallet payments were the most used POS payment method globally in 2020, with a share of 21.5%. By 2024, mobile wallets are expected to account for a third of all global point-of-sale transactions.
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