The cannabis market today is expanding rapidly. Thanks to favorable legislations, users in some US States can access the product. Additionally, many Canadians can use cannabis in controlled doses. However, payments process is still difficult due to some uncertainties in the market. In light of this, Virtual Crypto Technologies Inc (OTCMKTS:VRCP) is developing a payments solution to ease the problem.

In a Sept. 13, 2018 news release, the company revealed plans to develop CannaBit Solution®. The company is lining up a number of demo exercises to potential buyers. The demos will happen during the Cannabis World Congress & Exposition in Boston on October 17th-20th. The company seeks to exploit the crowd of industry players who will be in attendance.

Real-time, reduced transaction costs

Interestingly, the new payments solution comes with all the perks of innovative technology. According to the press release, transactions are real-time. This implies that traders will no longer have to wait for days to get transactions settled. In fact, business will move faster and traders will expand quickly. Secondly, the solution cuts down transaction costs substantially. It will be cheap to buy cannabis products at any point-of-sale (POS) machine.

Most importantly, the solution employs “proprietary verification algorithm software” to ascertain viability of the transaction. In addition, the solution runs on the blockchain network and uses cryptocurrencies. This implies users can make anonymous purchases.

In the cannabis market today, regulations are still not yet clear. Additionally, society is still conservative about use of marijuana, either recreationally or medically. Therefore, there is some kind of stigma to those who choose to use the products. Cryptocurrency allows the users to get their products without advertising their identity.

Virtual Crypto Technologies Inc (OTCMKTS:VRCP) to facilitate market expansion

Clearly, Virtual Crypto Technologies Inc (OTCMKTS:VRCP) wants to remove the barriers and facilitate take-off of the market. As per Alon Dayan, CEO of Virtual Crypto Technologies:

“We are committed to providing a solution that will seamlessly facilitate transactions with local dispensary shops and consumers where marijuana dispensaries are legal and recognized by the U.S. government. Showcasing our innovative POS solution at the Boston event is a big step for our company as we continue to gain momentum.”

Obviously, CannaBit Solution® presents an excellent alternative to cumbersome cash transactions today. No wonder, Virtual Crypto Technologies already commands an almost 90% popularity in the nascent market. Customers can experience better service at cannabis dispensaries. Lastly, they can access the POS via various access points making possible to serve more customers simultaneously.