Wayne-based Valley National Bank on Tuesday said it is creating a new digital payment platform designed specifically for cannabis-related businesses.
Valley Pay is expected to launch with a pilot program in the coming months, according to a Tuesday announcement from the subsidiary of Valley National Bancorp.
The cannabis industry remains heavily reliant on cash transactions to conduct business because it cannot accept major debit and credit cards. The app will allow these businesses to offer customers access to a compliant, streamlined mobile wallet payment system that will migrate cash usage to a secure, web application, easing the cash-only burden cannabis operators are faced with.
“This new digital payment platform is the first of its kind servicing the critical payment needs of cannabis-related businesses,” Stuart Cook, Valley’s chief digital product officer, said in a prepared statement. “We see the reliance on cash and existing payments options as a big problem and have set out to help create a solution for our customers that is convenient and safe.”