Wayv introduces Payments, the first all-digital payment resolution for the cannabis market
Wayv is taking a huge step towards mainstreaming the cannabis enterprise.
Wayv Creates A New Market
Wayv Payments, as of 11th December 2019, is supposed to be the first digital, submissive payment solution for the cannabis supply chain.
From producers to distributors to consumers, this resolution should lessen the entire industry’s dependence on stacks of cash by giving a credit-card like transactions to all.
More so, Wayv Payments is docile with California’s stringent laws, enabling companies to redirect funds from compliance management.
This is the newest project from Wayv, which began its distribution product a few months back.
Including both systems in place, Wayv is estimated to be a significant power in the cannabis market — a common position with founder Keith McCarty who also established Eaze.
How Will It Work?
Wayv is operating with Hypur on this project.
Wayv Payments provides cannabis companies with a line of credit that will enable the businesses to have predictability around payments without spending any payment fees.
The resolution gives customers total transparency around payments.
The dashboard allows customers to see incoming and outgoing payments, along with computing taxes and charges.
Wayv CEO and Founder Keith McCarty say that this resolution is submissive with all the laws in the cannabis market, including generating manifests for transport.
The system’s API is created to track a product from feed to sell — indicating, from the time it is established to hitting a retailer’s shelf.
McCarty states that this process is usually currently done by teams of people and can presently be done automatically while reducing mistakes.
This solution is required to ease the strain on legal cannabis operators.
Without something like this, he states, unauthorized operators will continue to rise in the massively regulated industry.
With Wayv, it helps decrease lost payments and products while waiting for the changing laws.
As of now, this product is only accessible in California, though the company created it in a way to quickly scale it to other markets.
McCarty believes the company wants to dominate a particular market before extending, and that appears to be his strategy here as well.
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