As banks continue to miss out, FinTech is taking over in the cannabis industry
As time has passed, marijuana dispensaries have become an increasingly common establishment around the country, and this has made several companies want to innovate in order to keep attracting customers. Ease of payment is known to be one of the most important aspects when it comes to building loyalty, which is why Holistic Industries’ Liberty dispensaries have now adopted a Starbucks-like payment method, where you can pay via an app while earning rewards at the same time.
This thought of being able to facilitate the way consumers pay is something very common in the cannabis industry, as it is believed not to be necessary to have to carry cash or pay a cashier’s fee at a dispensary if your idea is to enjoy a good marijuana product. However, the industry continues to struggle against the tide as federal prohibition makes it impossible for banks to conveniently and legally provide their services, making these facilities nearly impossible.
To address this drawback, Holistic Industries spent the last few months developing a platform that would keep customers and employees safe by allowing cashless transactions. The introduction of Liberty Wallet, a cashless rewards and payments application designed specifically for the needs of patients and customers, became available last week.
“Loyalty programs are generally designed to secure customer loyalty for the company, but we created Liberty Wallet so we can be loyal to our customers,” said John Brown, CTO and CIO of Holistic Industries. “In addition to addressing the industry-wide problem of cashless payments in an increasingly competitive marketplace, we really thought about how we could use technology and innovation to distinguish ourselves from other cannabis retailers and fulfill our mission to be the best place to shop.”
The difference between this app to the others already established is that the user can somewhat recoup their money in the form of credits and that makes it even more attractive.