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I suspect the crux of the matter, though, is that cashless
ATMs draw traffic away from the in-store ATMs that
have become a staple of marijuana dispensaries.
Traditional payments companies left out
FIs aren't happy about being locked out of the
cannabis market, and have been lobbying Congress for
legislation that provides the legal cover needed to bank
cannabusiness. That legislation, known as the SAFE
Banking Act, has bipartisan support in Congress and
the public at large.
A survey of registered voters, commissioned by the
American Bankers Association and conducted by
Morning Consult, found 68 percent support legislation
allowing state-sanctioned cannabis businesses to
access banking services and products. At present,
37 states have laws authorizing cannabis sales for
medicinal and/or adult-recreational uses.
But the legislation—variations of which have been
approved by the U.S. House of Representatives six
times since 2019—apparently lacks momentum to
secure Senate approval.
Even if the SAFE Banking Act became law, the card
brands have been adamant about not processing
payments from cannabis shops until all federal
prohibitions have been lifted. That's how things played
out in Canada, which legalized weed four years ago.
Given the glacial speed at which the U.S. Congress
tends to work, and the long list of other priorities, full
federal legalization of cannabis isn't likely here in the
near term. That offers new payment competitors ample
time to build networks that leverage the ACH and real-
time payments—networks that need not be exclusive
to pot shops.
In an era of hyper-convenience—one-click purchases,
instant credit decisions, fast and free deliveries—
consumers expect hassle-free payments. The ACH and
emerging real-time networks like the RTP network
and FedNow put these upstart payments companies
in an enviable position. They have plenty of time to
create viable new, faster payment networks around the
mobile channel—networks that don't charge as much
as the card brands. The all-in cost to merchants using
CanPay, for example, is less than 2 percent, Eide said.
Patti Murphy is senior editor at The Green Sheet and self-described
payments maven of the fourth estate. Follow her on Twitter @ Where: Hilton New Orleans Riverside
GS_PayMaven.
Association Shows:
Worldwide Business Research (WBR)
Future Branches
Highlights: Since 2016, Future Branches has been
the meeting place to benchmark against the best
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Join us in Austin for three days of action-packed
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When: Dec. 6 – 8, 2022
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ATMIA
US Conference 2023
A New Universe of ATM Opportunities
Highlights: This year’s event will continue to
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variety of educational opportunites no matter
what sector of the industry you come from. Join
us for a pre-conference workshop, select a few
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miss out on the general sessions on the last day
focusing on what is going on in the industry.
We also offer unlimited in-person business
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When: Feb. 7 – 9, 2023
Registration: www.atmia.com/conferences/us/
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