We remain committed to winning business and gaining market share with our existing portfolio. But we also believe there are opportunities to expand in some new adjacent areas. Scott and I, along with our teams, spent years building the foundation we have today, and CPI is now well positioned to invest in additional growth opportunities, which will also provide further diversification to our portfolio. We serve a customer base of thousands of financial institutions, most of which are small to medium issuers who rely on third parties for many of their payment services. We believe we can provide added value to these customers through additional solutions and service offerings to help their customers with their payment needs. We are uniquely positioned for this.
Primarily due to our technology connections with the bank platform providers, also known as Cores and processors that support the backbone of most banks in the U.S. payment system. We realized years ago when we were trying to penetrate the market with our instant issuance solution that we needed to make the solution easily adoptable plug-and-play, if you will, for our customers. This prompted us to begin deeper technology integrations with the bank platforms and processors that we and our customers connect with every day. As we have grown our share in the U.S. market, we have spent many years developing and investing in these technology integrations, which have allowed us to expand our reach in offering personalization services and our Card@Once Software-as-a-Service based instant issuance digital solution to small- and medium-sized financial institutions across the country.
Our Card@Once solution, for example, upgrades on a proprietary platform that allows us to provide a plug-and-play instant card issuance solution through these integrations, the value proposition to our customers has propelled the growth of this solution to more than 15,000 branches across more than 2,000 financial institutions today. We are now investing in and leveraging these integrations we have built to offer digital push provisioning a service that complements the physical card personalization solutions we provide to customers. With push provisioning, we can additionally offer our customers the ability to let their customers seamlessly push their card credentials onto a digital wallet, simply by pressing a button on their mobile banking app.
Our vision is to provide push provisioning services as a digital complement to each physical card we help our customers issue, which assists them in moving their cards to top of wallet status both physically and digitally. This is just one example of value-added services that will benefit our small- and medium-sized customers. Similar to previous initiatives, such as eco-focused card rollouts, we expect adoption among our customers to ramp slowly, but grow into a meaningful business over time. We believe our widespread technology integrations along with the relationships and trust we have established with providers, both of which took years to build. Our meaningful point of differentiation that allows us to expand beyond our traditional offerings and offer additional easily adoptable solutions for our customers.
We also have opportunities to continue taking existing products and solutions to new types of customers. such as our expansion into health savings account payment cards and potentially selling instant issuance to customers outside of the traditional bank branch and credit union space. This could include any business that may have a need to issue payment cards to consumers at their locations. As we refine our plans and strategies and roll out new solution offerings, we will give you more details. But I want to emphasize, we remain very confident in the long-term growth of the markets where we currently participate, and we’ll continue to invest in advancing these long-term growth areas. A big driver of our market growth is cards in circulation.
If I take you to Slide 6, these are updated three-year charts on the growth of U.S. payment cards. The latest figures from Visa and Mastercard show cards in circulation in the U.S. increased at a 10% CAGR for the three years ending September 30 and were up 8% compared to the prior year quarter. Additionally, the trends towards eco-focused and higher-priced contactless cards remain strong. In 2024, one of our priorities will be to increase penetration of eco-focused cards to our thousands of small to medium customers that these cards have been primarily purchased by large issuers to date, which is similar to what we have experienced with the contactless transition, mandates from card networks and initiatives from large banks to move to eco-focus cards over the next few years, should further aid the rate of penetration.
Contactless adoption also continues to advance. And Visa noted in its latest earnings call that it estimates tap-to-pay usage in the U.S. reached 45% for in-person transactions last year. We estimate the contactless penetration of cards in circulation in the U.S. was between 60% and 70% at year-end, up from 50% to 60% at the end of 2022. In short, we believe the U.S. payment card market is very healthy with positive secular trends still intact. The market also remains recurring in nature with a significant majority of payment card issuance relating to existing card replacement. Although customers increased inventory levels in 2022 and subsequently have been working them down, resulting in a sales decline in 2023. Our sales increased at a 9% compound annual growth rate over the past two years with our Debit and Credit segment sales, posting a 10% compound growth rate.
Once we get through the remaining stages of the inventory rebalancing, we believe the market will return to more normalized patterns in addition to sales opportunities. Another emphasis for us in our long-term strategy is to invest in technology and processes to further enhance and improve the customer journey and experience, drive growth and increase operating efficiencies. This includes investment in a new state-of-the-art secure card production facility in Indiana, leased on our current space in Indiana expires in 2026, and we are beginning a multiyear build-out and transition to a new facility, which will provide more capabilities, capacity and efficiencies. And in summary, our team is excited about the opportunities to grow in the future, both from winning business with our existing portfolio and what we believe will be a growing market and by adding new addressable markets by expanding into adjacent offerings.
I would now like to turn the call over to Jeff to go through our 2023 financial results and 2024 outlook in more detail. Jeff?
