CPI Card Group, a provider of EMV payment services in Littleton, Colo., has launched a new service to support Near Field Communication-based mobile payments.
The service, known as CPI Mobile, is designed to help banks add payment capabilities to their apps or deploy a separate mobile wallet. It uses both cloud-based tokenization and embedded secure elements to verify digital credentials.
CPI developed the mobile service using technology from Sequent, a mobile payments company based in Mountain View, Calif.
"Banks globally want to be ready to provide secure mobile payment services that cover over 100 percent of their customer base, regardless of underlying technology," said Steve Montross, president and chief executive of CPI Card Group, in a Nov. 3 press release.
The launch comes as CPI looks to expand its offerings to small and medium-sized banks. The company in August agreed to buy EFT Source, a provider of personalized ATM products.