PayPoint PLC on Thursday announced a £750,000 investment in Optus Homes, an app for tenants to manage their home rental account.

The Welwyn Garden City, England-based payment company said the investment will strengthen PayPoint’s MultiPay, a digital payments solution for the housing sector. It allows tenants to pay their rent and manage arrears directly in the app.

‘The housing sector is experiencing a tide of change in how banking and payments are undertaken, with the focus on helping social tenants in difficulty to better manage their needs and their rental payments. For many social housing tenants, their mobile phone is the only internet-connected device they have, The Optus Homes app enables simple and convenient access to their housing association and secure ways for them to take control of paying their rent,’ PayPoint said.

The investment builds on a commercial partnership positioning PayPoint as the preferred payment provider within the app.

PayPoint Chief Executive Nick Wiles said: ‘This investment will enable PayPoint to build on the great progress made in the housing sector over the past few years, increasing financial inclusion and convenience for social housing tenants and removing complexity for social housing landlords.’

PayPoint shares were up 0.2% at 581.00 pence each in London on Thursday morning.

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