Breakingviews - Consumers will win in cannabis-credit card clash

  • 📰 Breakingviews
  • ⏱ Reading Time:
  • 32 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 51%

Business Business Headlines News

Business Business Latest News,Business Business Headlines

Mastercard is ditching dispensaries. The $376 billion payments network wants its financial partners in transactions for cannabis to crack down on using its debit cards. But as with other dubious activities, workarounds will emerge. AnitaRamaswamy

. The budding industry is running out of convenient options for customers to pay for its products. But as with other dubious activities, workarounds will emerge.are middlemen, facilitating the movement of money between parties. In the weed business, that means they take the money from the buyer’s bank account and ship it into the dispensary’s. But because weed has not been legalized by the federal government, facilitating certain transactions is a no-no.

Mastercard and Visa are no stranger to controversial industries. Both companies banned payments for user-generated content on Pornhub parent MindGeek several years ago. But Visausers to pay for content generated by professional actors in the adult entertainment industry. For weed, there could be craftier workarounds. In Washington, D.C., some cannabis shops peddle quasi-worthless knickknacks such as stickers to customers while “gifting” small amounts of pot. That in theory opens up more payments systems. Ultimately, Mastercard’s move might just inspire cannabis fans to find new, creative ways to get their fix.

 

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:

 /  🏆 470. 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 »

Don’t let people buy pot with debit cards, Mastercard tells banksMastercard 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.
Source: washingtonpost - 🏆 95. / 72 Read more »

Mastercard earnings bring the latest signal of healthy spendingMastercard became the latest payments company to call out healthy spending levels as it beat profit expectations for its latest quarter.
Source: MarketWatch - 🏆 3. / 97 Read more »