CanPay Hits 10-Year Milestone with $1.25B in Pay-by-Bank Transactions

Quick Summary

CanPay provides a secure pay-by-bank solution that allows consumers to pay retailers directly from their bank accounts. By bypassing traditional card networks, CanPay offers a low-cost, transparent alternative to cash and expensive ATM fees, specifically designed for regulated industries like cannabis and traditional retail environments.

How Does Pay-by-Bank Benefit Regulated Retailers?

Pay-by-bank technology serves as a critical lifeline for merchants operating in high-risk or complex regulatory environments. For over a decade, CanPay has provided stable payment processing where traditional credit card networks often fail or refuse to operate. This stability is essential for reducing cash dependency and eliminating the need for risky workarounds that often plague the cannabis industry.

• 1.25 billion dollars in total consumer purchases processed since 2016.
• 1,300 merchant locations currently utilizing the transparent payment network.
• 13 million transactions completed securely through the platform.

What Results Has CanPay Delivered for Consumers?

The pay-by-bank model prioritizes consumer savings by removing the middleman and associated convenience fees. By enabling direct bank transfers, CanPay has helped 400,000 users avoid ATM fees, which can often exceed several dollars per transaction in retail settings. This financial efficiency is paired with a robust rewards program that incentivizes repeat business through digital discounts.

• Tens of millions saved by consumers in avoided ATM withdrawal fees.
• 1 million dollars awarded via the CanPay Points Rewards Program.
• Free gift cards now available through the industry's first zero-cost digital program.

"Over 10 years ago, we set out to build a stable, low-cost, and transparent payment network for an industry that needed a legitimate alternative to cash," said Dustin Eide, CEO of CanPay.

How is CanPay Expanding into Traditional Retail?

While born in the regulated cannabis space, the pay-by-bank infrastructure is now being deployed to help traditional retail merchants lower their acceptance costs. As businesses look for alternatives to high interchange fees, CanPay’s proven transaction stability offers a compelling case for mainstream adoption. The platform now supports online prepayment capabilities, bridging the gap between physical storefronts and modern e-commerce expectations.

FF NEWS TAKE:

CanPay’s decade of survival in the volatile cannabis sector proves that pay-by-bank is more than a trend; it is a durable infrastructure. By processing $1.25 billion, they have moved the needle from "niche workaround" to a legitimate competitor for traditional rails. Their pivot toward mainstream retail is a bold move that could significantly disrupt the high-fee status quo for small and mid-sized merchants.