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Don't let people buy pot with debit cards, Mastercard tells banks
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.
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.
5 replies
= new reply since forum marked as read
= new reply since forum marked as read
Last edited Thu Jul 27, 2023, 03:55 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!
