Exclusive: Big Massachusetts Credit Union Announces Digital Payments For Cannabis

Exclusive: Big Massachusetts Credit Union Announces Digital Payments For Cannabis

Payment processing company Hypur is announcing Thursday a new partnership with leading credit union GFA Federal Credit Union, Benzinga has learned.

The goal of the partnership is to provide consumers with digital, contactless payments for in-store cannabis orders, including curbside pickup and deliveries. 

Additionally, Hypur’s “safe checkout” feature will help maintain public health and safety and includes a tipping option for delivery drivers and budtenders, Hypur’s Chief Revenue Officer Tyler Beuerlein explained.

Strong Partners

In September 2018, GFA became the first financial institution in Massachusetts to serve recreational cannabis companies. In fact, GFA is often recognized as one of the pioneers in banking the cannabis industry.

Hypur processes over $3 billion in digital consumer payments annually for thousands of businesses nationwide and partners with over half of the financial institutions openly banking the industry. The company recently rolled out a contactless payment option for cannabis deliveries and pick-ups with California cannabis brand Caliva, and the world’s largest online cannabis marketplace, Dutchie.

Commenting on the partnership between these two industry leaders, Beuerlein told Benzinga that, in the context of COVID-19, the “inevitable shift toward digital payments” has accelerated.

“Consumers and businesses alike demand easy-to-use and modern payment options,” he said. “Digital payment solutions like Hypur Pay are now essential to helping cannabis businesses thrive and empowering cannabis consumers to buy products when and how they want to, just as they would for any other purchase. We provide the industry’s first and only contactless payment solution which protects customers and staff alike.” 

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