Cannabis fintech Abaca is partnering with a debit payment company to provide safe, contactless payment options for dispensaries in multiple states.
The Little Rock-based company is joining forces with CanPay, a Colorado-based company that has developed electronic payment solutions for the cannabis industry. Through this partnership, Abaca’s banking clients will be able to utilize CanPay’s app at their retail locations.
Through the CanPay app, dispensaries will be able to accept contactless payments at the point of purchase and on deliveries.
According to Abaca CEO Dan Roda, this technology is critical for dispensaries during the COVID-19 pandemic. Using the app eliminates the risk of possible transmission through the use of cash and promotes increased social distancing, he said.
“Cash poses many safety risks for businesses, not the least of which is the fact that the coronavirus can live on it for up to four days,” Roda said in a statement. “In our home state of Arkansas, Governor Asa Hutchinson specifically recommended that businesses adopt a form of contactless payment in order to help prevent the spread of the coronavirus. Our new partnership with CanPay allows participating dispensaries to do exactly that.”
Grassroots Companies is also partnering with Abaca to utilize the CanPay app in six of its locations. These dispensaries are located in Arkansas, Oklahoma and North Dakota.
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