Marijuana is an ever-growing industry where even some authorities have backed away from it. Nevertheless, in combination with credit card businesses and banks denying to provide services to many companies, limits have been put in place which has given alternative systems a great chance to prove themselves. Specialised ICO projects, Themed altcoins and other crypto related start-ups have tried to fit into a niche.
The latest one is a Bitcoin ATM development with a payment solution for dispensaries.
Virtual Crypto Technologies Ltd, a developer of Bitcoin ATMs and cryptocurrency point of sales based in Israel have revealed a proprietary crypto payment which has Marijuana dispensaries specifically in mind.
The solution will enable authorised US dispensary operators to sell their goods for digital currencies without all the inconvenience. The developers go on to say that for a customer to purchase marijuana via the solution they will need to scan a QR code which appears on the user interface during the point of sale and the store will receive a confirmation message within seconds.
Alon Dayan, the CEO and mind behind the dispensaries said:
“Our cannabis payment solution is building upon the foundation we established with our first-generation point-of-sale system. Virtual crypto has been validated in the market and is a proven technology. Not only does out solution make it easier to accept payments, it also provides a record of transactions, which ensures alignment with government oversight, eliminating fraud and abuse.”
The developers have said that the crypto marijuana payment solution can help in the decrease of fiat cash payments at said dispensaries. However, they have also confessed that the adoption of cryptocurrency won’t eradicate cash completely from the field.
“Today with cash as the payment method of choice at dispensaries, they have quickly become a target for thieves. With tens of thousands of dollars in transactions per day, employees are faced with an unsafe work environment. Additionally, cash makes it difficult to account for the appropriate payments of taxes to the government.”
Do you think about the marijuana market is a good match for crypto payments? Let us know in the comments!