Benzinga | Oct 26, 2021 12:45PM EDT

Valley National Bank Highlights Launch Of Its New Digital Payment App For Cannabis Industry

New mobile wallet app is the solution cannabis businesses have been waiting for

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 create a solution for our customers that is convenient and safe."

Valley is one of the largest national banks serving multi-state cannabis-related business operators. Our dedicated team of banking professionals, including onboarding and treasury management specialists, are focused on serving the needs of cannabis-related businesses. Valley's cannabis related business banking program is designed around the guiding principle of generating value for our customers when it comes to compliance, convenience, and cost.

The new payment platform is expected to launch with a pilot program in the coming months.

If you'd like to learn more about this payment platform, have a media inquiry, or are interested in learning about opportunities to join Valley's digital products team, please go to valley.com/valleypay.