How do I echo the current custom post type category?

I’m looking to echo the current custom post type category to my archive.php page. As a point of reference, my custom post type is product and the taxonomy (if that’s relevant) is catalog.

With my permalinks, the URL structure ends up being something like this:

mywebsite.com/catalog/phones

So my goal would be to print <h1>Phones</h1> to the top of the page. Anyone have any idea how I can do this? The traditional category stuff doesn’t seem to work.