Business
Zenco Payments Steps Up as Mastercard Halts Cannabis Transactions
Closed-loop payment system lets consumers process ACH payments via their phones.
Mastercard’s suspension of cannabis-related debit card transactions has caused disruption in the industry, prompting concerns about other financial institutions following suit. In response, Zenco Payments is offering compliant payment solutions to enable cashless transactions while adhering to regulations. Zenco’s closed-loop payment system lets consumers process ACH payments via their phones, bypassing the need for debit cards.
Dev Nath, Chief Revenue Officer of Zenco
“The Mastercard shut down is one more hurdle for compliant cannabis businesses that are already navigating a complicated banking system and oftentimes are being gouged by bank fees and limited cashless options,” said Dev Nath, Chief Revenue Officer at Zenco.
The East Brunswick, New Jersey-based, minority-owned company says it aims to simplify payment processes and reduce costs for cannabis businesses, with web-based applications that require no integration with existing POS systems.
Zenco’s cashless payment solutions include Zenco Mobile Pay, an app facilitating cashless cannabis purchases for consumers, and Zenco B2B Pay, enabling cannabis suppliers to sell merchandise to retail stores and dispensaries via a free e-commerce platform.
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