The first legitimate debit payment solution for the cannabis industry is set to capture dispensary owners, customers, and patients in Oregon’s recreational and medical cannabis marketplaces.
CO-based CanPay dispensaries in the state are now able to offer a secure, legitimate, and transparent alternative to the current cash-only system for both in-store and delivery purchases. Initially, CanPay will be available at seven dispensaries across Portland, Oregon City, and Eugene.
In 2016, Oregon dispensaries sold more than $241 million worth of cannabis products. When operating in a cash-only model, the risk to consumers, store employees, and owners increases exponentially. Introducing CanPay is a step to reduce risk and normalize the payment experience in the cannabis industry.
Patients and consumers can download the CanPay app by visiting CanPayApp.com to set up their account, which links directly with their existing checking account. Each time the user signs into CanPay on their mobile device, a secure, single-use payment PIN is generated that includes no personal identifiable information and is scanned at the time of purchase by the dispensary’s point of sale device.
Funds are electronically transferred funds directly from the user’s checking account to the retailer’s bank account.
Since launching in November 2016, CanPay has expanded to five states and more than 40 dispensaries, offering consumers a quick, free, and secure alternative to the cash-only model dictated by contrasting federal and state regulations.
CanPay is currently serving consumers and businesses in Washington, Colorado, Maine, Florida, and Oregon. Through the Closed-Banking Feedback Loop, CanPay partners with select financial institutions that have developed stable, compliant banking programs specific to the cannabis industry. By delivering a traditional and legitimate electronic payment solution to this growing yet highly-regulated industry, CanPay allows retailers and customers the convenience of a debit payment while mitigating risks and costs associated with cash transactions.