High on crypto: cannabis merchants to accept crypto payments
RocketFuel’s solution has the joint benefits of better privacy for customers and lower fees for merchants
People have long been advocating for crypto to go green, and now it seems it is, though perhaps not in the way many anticipated. Global payments solution provider RocketFuel announced yesterday that licensed cannabis merchants and dispensaries would be able to integrate its payment solution.
RocketFuel enables merchants to accept Bitcoin and more than 50 other cryptocurrencies through a user-friendly, one-click checkout process, without the previous need for the cart paradigm. Advantages of the solution include no chargebacks or card declines, lower fees for merchants, better privacy protection for customers and the ability to generate new sales channels.
The payment solution will mean that cryptocurrency holders storing their coins in select exchange accounts or in private wallets will be able to make crypto payments to cannabis merchants without the logistical and security issues inherent in traditional cash transactions.
In providing the cannabis industry with financial services, RocketFuel will follow the guidance of the Financial Crimes Enforcement Network (FinCEN), and, where local regulations allow, the service will also cover online delivery orders.
It’s high time that cannabis businesses had easy-to-use payment systems to offer their customers as the presence of banks within the sector has so far been restricted by laws at the Federal level. Until now, shoppers have had to go in-store to pay in cash or use cannabis-specific debit cards.
The implementation of RocketFuel’s API, however, provides a one-click interface and means that purchases can be made with a mobile phone.
CEO of RocketFuel, Peter Jensen, explained, “RocketFuel’s payment solutions are a game-changer for the cannabis industry which has long been denied access to traditional banking facilities like opening businesses accounts and having access to credit/debit card facilities. The growth of cryptocurrencies however has leveled the playing field for the industry and has given the control of transactions to merchants who no longer have to depend on banks for handling their financial transactions.”
According to an industry report from Grand View Research, the global legal marijuana market is estimated to be worth $13.5 billion in 2021 and is projected to grow to $70.6 billion in 2028. Cryptocurrencies could make interactions between cannabis businesses and customers more convenient, while this integration could potentially also bring a lot of new users and value to the crypto market.