Canadian medical marijuana company Abattis Bioceuticals is outlining plans to overhaul marijuana dispensary payment systems after it acquired 34% equity interest in Instant Payment Systems (IPS).
The marijuana company is planning to introduce an IPS payment platform including a branded, reloadable pre-paid patient card and medical marijuana phone app.
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IPS has secured a banking system software license from Agilivant, which is designed for banking business, mobile payment and instant settlement markets, and is being integrated as a mobile payment network into telecommunications providers.
Further, the system operates the Philippine Postal Savings Bank (PPSB) to facilitate its money transfer services, and convert the 1800 post offices into PPSB bank branches.
The Agilivant system along with banking system security, reporting discipline, and regulatory controls is expected to drive Abattis’ dispensary payment model.
The payment services would give regulators a new level of system-wide transparency with an ability to track purchases and audit prescribed quantities of product sold on a per-person basis, the company said.
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By GlobalDataLaunch of the easy-to-use payment system is said to be in line with Abattis’ plan to introduce its Washington State Lab model similar to PhytaLab across the US, the primary facility of the company’s 51% owned partner, Phytalytics.
