PayPoint inks deal to take cash deposits for Lloyds customers

(Sharecast News) - PayPoint announced a partnership with Lloyds Banking Group on Tuesday, to provide cash deposit services for Lloyds, Halifax and Bank of Scotland customers at more than 30,000 retail locations across the UK. The FTSE 250 payment network operator said the service, which would roll out from 26 August, would allow customers to pay in up to £300 per day in notes and coins, with funds credited to their accounts within minutes.

PayPoint said over 99.5% of the UK population lives within one mile of one of its outlets, which are typically open long hours, seven days a week.

The initiative was part of PayPoint's 'BankLocal' service, and marked the first time high street banks would use the platform.

It said access to cash and local banking remained key drivers of organic growth, and would contribute to its target of delivering £100m EBITDA this year and longer-term growth through to the 2028 financial year.

"Our leading retail network provides a vast range of essential services at the heart of communities across the UK, for everything from banking, utility, parcel, cash and government services," said chief executive Nick Wiles.

"The ability of Lloyds customers to make cash deposits into their accounts at over 30,000 PayPoint locations will deliver more convenience and access for customers close to where they live."

At 1228 BST, shares in PayPoint were down 0.55% at 722p, while those in Lloyds Banking Group were up 0.3% at 82.68p.

Reporting by Josh White for Sharecast.com.