EL DORADO HILLS, CA -- (Marketwired) -- 02/26/14 -- MyECheck, Inc. (OTC Pink: MYEC), an electronic payment solutions provider and the leader in fully electronic check technology today announced GreenPay LLC has selected MyECheck to provide a comprehensive processing solution for the legal marijuana industry.
GreenPay LLC, is a start-up developer of downloadable mobile payment applications for the legal marijuana industry called MJ-Pay, with marijuana themed apps for Apple and Android devices. MJ-Pay will provide a comprehensive real time fully electronic payment and banking solution that is safe, legal and fully compliant with Federal and State laws.
MyECheck received an upfront licensing fee from GreenPay LLC and will share in a percentage of transaction fee revenue. The MJ-Pay app will offer the only industry specific payment solution designed to solve the unique problems present in the legal marijuana industry.
Matt Hanson, CEO of GreenPay stated, "We chose MyECheck as the back end for our app because they have the only solution that is bank independent, and doesn't require the use of credit/debit cards or ACH transfers. It's essentially an electronic cash transfer system, only much more secure. The MJ-Pay system provides custodial account settlement for customers who choose not to use their own bank account to clear payment funds. MJ-Pay will deliver the electronic cash solution the industry has been searching for and we will be processing for customers in Colorado and elsewhere in approximately 75 days."
Ed Starrs, CEO of MyECheck commented, "We welcome GreenPay to our growing list of customers and licensees. They are first to market with a real solution for a large problem, and have the potential to make our combined services the de-facto payment method for the burgeoning legal marijuana industry. Our proprietary banking payment and security capabilities, along their themed front end user experience offer an unique and large opportunity for GreenPay and MyECheck."
On February 14, 2014, the US Department of Justice issued a statement "that financial institutions can provide services to marijuana-related businesses in a manner consistent with their obligations to know their customers and to report possible criminal activity."
The legal marijuana industry is currently estimated at about $1 Billion to $1.5 Billion annually however it is expected to grow to about $40 Billion to $120 Billion annually very rapidly as more states legalize marijuana for both medical and recreational use.
Ed Starrs added, "In order for the industry to grow, infrastructure needs to be in place that allows for trusted commerce, and compliance with state laws with full transparency to the authorities, MyECheck provides that financial infrastructure."
GreenPay LLC is a green payments technology start-up, formed in 2014 by a group of developers from a wide range of backgrounds including gaming applications and mobile payments, to capitalize on emerging payment and banking opportunities in the legal medical and recreational marijuana industry. GreenPay LLC has developed the world's first proprietary mobile payments app specifically for transferring funds in real time, legally and safely, to marijuana dispensaries.
Matt Hanson, CEO, GreenPay
MyECheck Inc. is a leading payment data processor and technology developer & licensor that provides a new electronic payment method used as a preferred alterative to cash, paper checks, credit & debit cards, and ACH "e-check" payments. MyECheck's patented payment method is the fastest, most secure and most cost effective payment method in the US and is poised to be a significant payment platform. As the leader in Check 21 solutions and check image processing for online and mobile transactions, MyECheck provides merchants with the easiest, fastest, safest, and lowest cost way to collect money electronically from the most customers. MyECheck customers include corporations, retailers, governments, payment processors and financial institutions.
Please visit www.myecheck.com
Forward-looking statements in this release are made pursuant to "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of mentioned products, increased levels of competition, new products and technological changes, dependence upon third-party suppliers, intellectual property rights, and other risks detailed from time to time in reports filed with the SEC.