Don’t let people buy pot with debit cards, Mastercard tells banks

  • 📰 washingtonpost
  • ⏱ Reading Time:
  • 55 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 25%
  • Publisher: 72%

Business Business Headlines News

Business Business Latest News,Business Business Headlines

Mastercard has told U.S. banks to stop allowing marijuana purchases with its debit cards, highlighting the legal and financial gray area the industry exists within even as more states legalize the drug.

medical use for some conditions, and 23 states, two territories and the D.C. have legalized recreational use.

Mastercard said in an emailed statement Thursday that “the federal government considers cannabis sales illegal, so these purchases are not allowed on our systems.”Advertisement “As we were made aware of this matter, we quickly investigated it,” the company said. “In accordance with our policies, we instructed the financial institutions that offer payments services to cannabis merchants and connects them to Mastercard to terminate the activity.”$30 billion in revenue this year would be “overwhelmingly” generated through cash transactions, which he says put workers and communities at greater risk.

Supporters of efforts to allow cashless transactions at dispensaries say forcing the businesses to operate only with cash invites would-be thieves. “It makes absolutely no sense that legal businesses are being forced to operate entirely in cash, and it’s dangerous — and sometimes even fatal — for employees behind the register,” Sen. Patty Murray said in a“State-legal cannabis businesses are locked out of most banking and financial services,” Glasstetter said in a text message.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 95. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Mastercard demands termination of cannabis purchases on its debit cardsMastercard has told financial institutions to stop allowing marijuana transactions on its debit cards, dealing a blow to an industry already on the fringes of the financial system in the United States.
Source: Reuters - 🏆 2. / 97 Read more »

Mastercard moves to stop cannabis purchases with its debit cardsMastercard Inc. has demanded that U.S. financial institutions block cannabis purchases on its debit cards, in another setback for the legal marijuana industry.
Source: MarketWatch - 🏆 3. / 97 Read more »

Mastercard blocks marijuana transactions on debit cards, citing federal illegalityMastercard has told financial institutions to stop allowing marijuana transactions on its debit cards, dealing a blow to an industry already on the fringes of the financial system in the United Sta…
Source: nypost - 🏆 91. / 67 Read more »