Fintech company specializing in cannabis compliance, Monarch Technologies launches BFLI – a closed-loop app exclusively for the cannabis industry. Benzinga learned it exclusively. The app for cashless payment, available in both the Apple and Google Play Stores, includes features tailored to the security needs of cannabis license holders, their vendors and customers.

The Irvine, California-based company said BFLI is not only suitable for dispensary purchases, but for any scenario in the cannabis industry where money needs to change hands within seconds.

The news of the app launch follows Monarch’s partnership with Desert Hot Springs to streamline cannabis compliance and tax collection. “The need to move payments from a ‘cash is king’ mentality to an automated, compliant digital system is inevitable,” Christian FeaCEO and co-founder of Monarch Technologies, told Benzinga’s Rolando Garcia at the time.

BFLI allows users to conduct face-to-face transactions, send remote payment requests and issue invoices. In addition, Cannabis license holders can pay their taxes at the city and state level.

“We developed BFLI to simplify the payment process in the cannabis industry, where cash transactions have traditionally dominated. As consumers use cash less and less, we see BFLI as a way to ease the pain consumers face of not being able to use their debit and credit cards,” Fea explained. “BFLI not only improves the shopping experience by eliminating the need for cash, but also ensures a compliant and secure transaction every time.”

Also read: What to do with the mountains of marijuana money: This expert has a new approach

Decline in cash usage

According to the Federal Reserve, the value of major non-cash payments in the United States grew faster from 2018 to 2021 than in any previous FRPS measurement period since 2000. The data also shows that the number of cash withdrawals from ATMs declined significantly from 2018 to 2021, by 10.1% per year. Other surveys showed a similar trend, with young people predominantly relying on card or mobile payments rather than cash.

Monarch sees these changes as part of the transition to a cashless society and has developed this new app to eliminate the need to visit ATMs.

BFLI also offers universal mobile ordering (beta) between any dispensary and any customer. Although payments are at the heart of the platform, other services for cannabis licensees include bypassing SMS and email spam blockers through the use of native push notifications.

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