AeroPay Launches Compliant Digital Payments For Cannabis Business

Financial technology company AeroPay has introduced a new suite of digital payment solutions for cannabis businesses.

The tech enables digital payments by utilizing so-called "smart bank transfers" and allows business-to-business (B2B) and customers-to-business (C2B) transfers.

The technology covers all aspects of the cannabis industry, and it includes both in-person and online payments.

Dispensaries will be able to provide its customers with convenient and contactless digital payment option, the company said.

"Cannabis businesses have long been underserved by the current payments landscape and we saw an opportunity to help them by leveraging AeroPay's existing technology," said in a Monday press release the company's CEO and founder Daniel Muller.

The Chicago-based next-generation company has been providing a broad range of industries with alternative ways to make their payments since 2017.

Ryan Coffey, AeroPay's director of business development, stated that businesses and customers within the cannabis space "have been forced to rely almost exclusively on cash for too long,"

"We are committed to providing a safer, more efficient environment for cannabis businesses to operate in," added Coffey.

Digital Payment Solutions In The Cannabis Space

Even though AeroPay suite launching comes amidst the health crisis, in the time when businesses are taking on a contactless dimension, Hypur's recent survey on cannabis consumers' payment preferences suggests that consumers still opt for other payment methods.

According to the survey, 71% of them still prefer using cash when making their purchases.

Still, it seems that digital payments are paving its way.

Hypur's chief revenue officer Tyler Beuerlein told Benzinga their "survey data shows credit cards will not be the white knight for the cannabis industry like many make them out to be."

He further commented on digital payment solutions, emphasizing their Hypur Pay is “well-positioned to better serve the demands of customers and the needs of businesses."