Don't let people buy pot with debit cards, Mastercard tells banks

[mahatmakanejeeves]

BUSINESS

Don’t let people buy pot with debit cards, Mastercard tells banks

By Frances Vinall
July 27, 2023 at 4:50 a.m. EDT

Mastercard has told U.S. banks to stop allowing marijuana purchases with its debit cards, highlighting the legal and financial gray area the industry exists within even as more states legalize the drug.

Large banks and credit card companies have generally restricted cannabis purchases because marijuana is illegal under federal law, leaving few payment options for buyers in places where it is legal. Thirty-eight states, two territories and D.C. allow medical use for some conditions, and 23 states, two territories and the D.C. have legalized recreational use.

Mastercard said in an emailed statement Thursday that “the federal government considers cannabis sales illegal, so these purchases are not allowed on our systems.”

But some buyers, and dispensaries, had found a loophole in PIN transactions with debit cards.

{snip}

By Frances Vinall
Frances Vinall is a reporter and researcher for The Washington Post who is based in Melbourne, Australia.

[eShirl]

1. making me go to the ATM

[Backseat Driver]

2. I'm not buying weed, yet Amazon won't take an

Last edited Thu Jul 27, 2023, 02:55 PM - Edit history (3)

Apple Titanium MC cash-back credit card issued and serviced by a major NY bank for any transaction. I'm pissed that I'd need still another credit card in my Wallet.

Meanwhile, SCOTUS throws everything back to States. Who made MasterCard the nation's money police. Last time I checked, I pay that bill with my fiat money, debit or credit; the fact it only has full faith in it guaranteed by the Feds, but perhaps without any secured collateral, is none of their dang business determining what I legally buy in my State!

[BlueIn_W_Pa]

5. Just wait for the Fed Crypto Coin

where they can dictate what you can buy, track every transaction, and even put an expiry date on your money :/

[ShepKat]

3. mastercard making too much money ?

They have to turn it away ? hmmmmm

[2naSalit]

4. Huh...

Around here they all operate on cash only basis but there's an ATM in the waiting room which I use so I don't have to go five miles out of my way to go to the free one nearby.