CanPay Debuts First Legitimate Debit Payment System For Cannabis Purchases
November 17, 2016
You can buy pot legally in several states now, but using a debit card to pay has been a dicey proposition.
Now CanPay says that it has created the first debit payment solution for cannabis shoppers in Washington, Oregon and Colorado. MasterCard and Visa have made it clear they have no interest in working with marijuana retail businesses until federal law changes and this has created an opportunity for emerging financial companies.
Americans take it for granted that they can use their debit cards anywhere, but that isn’t the case when making purchases at a dispensary. Some dispensaries provide on-site ATM machines so that customers can pull out money from their bank accounts to make a purchase. The problem is that these machines tend to charge fees of nearly $5.