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Cannabis Payments Network CanPay Surpasses $1B in Retail Transactions

The company's app lets consumers pay with a debit from their checking account.

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CanPay, a payment network for cannabis retailers and consumers, has facilitated more than $1 billion in consumer purchases at state legal dispensaries. Used by more than 300,000 consumers nationwide, CanPay now serves as the preferred payment platform for approximately 1,100 participating dispensaries.

CanPay's mobile app allows consumers to pay cannabis retailers with a debit from their checking account using the Automated Clearing House (ACH) network. Merchants with a compliant bank account at a CanPay-approved financial institution may join the CanPay network quickly and easily.

Customers can also prepay for their cannabis purchases when ordering online or through the app while using CanPay's RemotePay, an advanced e-commerce capability bringing merchants one step closer to a traditional retail experience.

In addition to RemotePay, CanPay recently added new bank linking capabilities to its payments platform, enabling a faster, more secure activation process that covers all banking institutions in the U.S. Now when customers sign up through the app, they can easily link their financial institution to CanPay, enjoy instant activation and pay immediately for products.

Last year, CanPay launched a first-of-its-kind rewards program for consumers to enjoy daily and after-purchase opportunities to win CanPay Points, which can be used to discount future purchases at any participating retailer. CanPay has awarded more than $500,000 in CanPay Points to consumers to date.

CanPay is accepted by 10 of the top 13 public company, multi-state operators (MSOs). The app's proprietary Purchase Power tool creates custom spending limits, with a maximum daily customer spending limit of $5,000.

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