NEW YORK–(BUSINESS WIRE)–Valley National Bank, a subsidiary of Valley National Bancorp (NASDAQ:VLY), announced today that it is creating a new digital payment platform designed specifically for cannabis-related businesses.
Valley Pay, Valley’s new digital payment solution, will migrate cash usage to a secure, web application, easing the burden on cannabis operators who are reliant on cash transactions today. The cannabis industry remains heavily reliant on cash transactions to conduct business as major debit and credit cards are not accepted.
The application will allow cannabis-related businesses to provide their customers access to a compliant, secure and streamlined mobile wallet payment system.
“This new digital payment platform is the first of its kind servicing the critical payment needs of cannabis-related businesses,” says Stuart Cook, Valley’s Chief Digital Product Officer. “We see the reliance on cash and existing payments options as a big problem and have set out to help