CPI Card Group Inc. (NASDAQ: PMTS) reported its share price tumbled Wednesday. The company, a payments technology concern providing a range of credit, debit, and prepaid card and digital solutions, including Software-as-a-Service (SaaS) instant issuance, today announced a referral relationship with MEA Financial Enterprises LLC, a national leader in the provision of innovative software solutions to the financial services marketplace.
Through the relationship, CPI will offer its Push Provisioning solution to MEA’s customers, allowing cardholders the ability to seamlessly push their card credentials into a digital wallet by pressing a button in their mobile banking app. This is expected to expand CPI’s client base and enhance the services that MEA provides to its mobile app users – which include approximately 300 financial institutions.
“At CPI, we prioritize continuous innovation. Our product portfolio includes a range of payment options for our customers and their cardholders, including physical cards and complementary digital solutions,” said Rob Dixon, the Vice President of Digital & Business Development. “We are excited about our relationship with MEA because of the growth opportunities for both our client bases, as well as the benefits for financial institutions associated with MEA and their mobile app users.”
PMTS shares began Wednesday down 95 cents, or 5%, to $18.00.
