Valley Bank Launches New Digital Payment App for Cannabis Industry
October 26 2021 - 12:45PM
Business Wire
New mobile wallet app is the solution cannabis
businesses have been waiting for
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.
About Valley
As the principal subsidiary of Valley National Bancorp, Valley
National Bank is a regional bank with approximately $41 billion in
assets. Valley is committed to giving people and businesses the
power to succeed. Valley operates many convenient branch locations
across New Jersey, New York, Florida and Alabama, and is committed
to providing the most convenient service, the latest innovations
and an experienced and knowledgeable team dedicated to meeting
customer needs. Helping communities grow and prosper is the heart
of Valley’s corporate citizenship philosophy. To learn more about
Valley, go to www.valley.com or call our Customer Care Center at
800-522-4100.
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Pam Golden, GLA Communications pam@glapr.com or 973-564-8591
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