Pay For Your Weed With New Mobile Cashless Payments App Available On Apple's App Store And Google's Play Store

Cannabis compliance-focused fintech company, Monarch Technologies is launching BFLI – a closed-loop mobile app solely for the cannabis industry, Benzinga exclusively learned. The cashless payments app, available on both Apple and Google Play stores, includes features designed to meet the security needs of cannabis license type holders, their vendors, and customers.

The Irvine, California-headquartered company said that BFLI is suitable not only for dispensary purchases but for any scenario where money needs to exchange hands within seconds in the cannabis industry.

The app launch news follows Monarch's partnership with Desert Hot Springs to streamline cannabis compliance and tax collection. "The need to convert payments from a ‘cash is king' mentality to an automated compliant digital system is inevitable," Christian Fea, Monarch Technologies CEO & co-founder, told Benzinga's Rolando Garcia at the time.

With BFLI, users can conduct face-to-face transactions, send remote payment requests, and issue invoices. Furthermore, cannabis license holders can pay their city and state-level taxes.

"We developed BFLI to simplify the payment process in the cannabis industry, where cash transactions have traditionally dominated. As consumers are using less and less cash, we see BFLI as alleviating the consumer pain point of not being able to use their debit and credit cards," stated Fea. "BFLI not only enhances the shopping experience by eliminating the need for cash but also ensures a compliant and secure transaction every time."

Read Also: What To Do About Marijuana’s Mountains Of Cash: This Expert Has A New Approach

Decline In Cash Usage

According to the Federal Reserve, the value of core noncash payments in the United States grew faster from 2018 to 2021 than in any previous FRPS measurement period since 2000. The data also reveal that the number of ATM cash withdrawals dropped substantially from 2018 to 2021, at a rate of 10.1% per year. Other surveys showed a similar trend with young people mostly relying on card or mobile payments over cash.

Monarch views these changes as part of the transition to a cashless society and developed this new app to eliminate the need for ATM visits

BFLI also offers universal mobile ordering (beta) between any dispensary and any consumer. Although payments are at the core of the platform, other services for cannabis license holders include bypassing SMS and email spam blockers by using native push notifications.

Read Next:

• 5 Cannabis Fintech Companies Striving To Overthrow Cashless ATMs: Is This Possible?

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