Visa Inc (NYSE: V) or Mastercard Inc (NYSE: MA)-enabled payments are not the saving grace for the cannabis industry, as consumers still prefer other payment methods, according to a new nationwide cannabis consumer payment preference survey conducted by payment and banking platform Hypur.
Purchasing behaviors in cannabis are largely driven by “convenience fees,” the survey said.
Eighty-two percent of cannabis consumers surveyed said they are “frustrated” with or “don’t think it’s right” to be charged convenience fees on payment options.
This means that dispensaries that do charge these fees are at risk of higher customer dissatisfaction scores.
Cannabis Consumers Have Unique Preferences
Seventy-one percent of cannabis legal consumers still use cash to complete their purchases, the Hypur survey said.
This should come as no surprise to anyone who’s visited a dispensary in the U.S.: as most may have noticed, a …