Colorado-based CanPay has launched its debit payment solution for the cannabis industry in Washington, Oregon, and Colorado.
The payment solution, which is currently available in 15 retail locations across Washington and Colorado, will provide cannabis retailers ease of business and enable to accept electronic payments.
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CanPay CEO Dustin Eide said: "CanPay is the future of payments for emerging industries, and is quickly becoming the preferred method of payment for cannabis businesses and banking institutions alike.
"As more and more states move to legalize medical and recreational cannabis within their borders, the time has come for a legitimate payment solution. With regulations being determined across the newly approved states, we will be expanding CanPay into each market in partnership with those institutions offering compliant banking to cannabis retailers."
All purchases are made using non-identifiable, single-use and random payment tokens generated in the CanPay App, which is available for both Apple and Android users.
To make payments, consumers need to download the CanPay app and create an account. Users also need to link their checking account with the app to make payment at retailer's point-of-sale device.
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By GlobalData
