Mastercard’s Cease-and-Desist Letters Halt Cannabis Debit Card … – PYMNTS.com
Mastercard has told payment processors and banks to stop allowing marijuana transactions on its debit cards.
Following cease-and-desist letters sent by Mastercard last week, companies that facilitated PIN debit payments for cannabis have been attempting to provide alternatives to the dispensaries that were using them, Bloomberg reported Wednesday (July 26).
Mastercard did not immediately reply to PYMNTS’ request for comment.
A spokesperson for Mastercard told Bloomberg: “As we were made aware of this matter, we quickly investigated it. In accordance with our policies, we instructed the financial institutions that offer payment services to cannabis merchants and connect them to Mastercard to terminate the activity.”
News of the Mastercard shutdowns has created a challenge for the cannabis industry that is already struggling with payments due to the drug’s federally illegal status, despite its being legal in 38 states, according to the report.
As other payment options have been taken…
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source: https://news.oneseocompany.com/2023/07/26/mastercards-cease-and-desist-letters-halt-cannabis-debit-card-pymntscom_2023072648157.html
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