Source - LSE Non-Regulatory
RNS Number : 5121U
PayPoint PLC
03 December 2021
 

3 December 2021

PayPoint Plc

PayPoint announces further rollout of Counter Cash service

PayPoint is pleased to announce the further rollout of its Counter Cash service to more than 2,000 shops before the end of this calendar year, in partnership with LINK, the UK's largest cash machine network.

PayPoint is the first of LINK's members to provide the service, which is being rolled out across the UK following a successful 12-month pilot.

The 'Cashback Without Purchase' service provides a valuable new way to access cash on the High Street, allowing consumers to withdraw cash in smaller shops without the need to buy an item in-store or pay a fee. Consumers will be able to withdraw any value of notes and coins between £1 and £50 or check balances for free, rather than being restricted to notes dispensed by ATMs. They will be able to find their nearest Cashback Without Purchase location using LINK's Cash Locator and Cash Locator App.

Already live in over 1,000 locations, the initiative follows the Government's amendment to the Financial Services Act 2021 earlier this year to facilitate a cashback without a purchase service.

The initiative originally formed part of the Community Access to Cash Pilots, led by Natalie Ceeney CBE and was piloted in shops across Burslem in Staffordshire (England), Hay-on-Wye in Powys (Wales), Cambuslang in South Lanarkshire (Scotland) and Denny in Stirlingshire (Scotland). However, its future was secured beyond the pilots following an amendment to Financial Services Bill 2021, which became law earlier this year.

During the year-long trial, more than 24,800 transactions have been made with an average withdrawal size of £27.81. Over £680,000 has been withdrawn using the channel so far. Retailers are remunerated for providing this service by the cardholder's bank via the LINK Member offering the service.

Nick Wiles, Chief Executive Officer of PayPoint, said: "This expanded rollout of our Counter Cash service, in partnership with LINK, demonstrates our mutual, long-term commitment to ensuring that cash access is protected. I look forward to seeing our network of retailer partners around the UK who offer cashback without purchase services expand further in the coming months."

He added: "Counter Cash provides an incredibly convenient way for the millions of people who depend on cash to make withdrawals of both notes and coins. We are proud to be the first of LINK's members to launch this service and make a real difference to local communities."

Mrs Patel, a PayPoint retailer partner of Andover News, London, said: "I am loving the Counter Cash service. It's very easy to do and since we began offering the service it's been a 100% positive experience. Customers are really benefiting from it, especially the fact they can withdraw exact and small amounts which help them manage their spending better. It's also brought new customers to the store, which is a particular bonus in the current environment. I'd recommend it to any retailer looking to expand the services they offer to their local community."

Enquiries:

PayPoint plc

01707 600 300                                                                            

Nick Wiles, Chief Executive (Mobile: 07442 968960)                       

Alan Dale, Finance Director (Mobile: 07778 043962)                        

 

Finsbury Glover Hering

0207 251 3801 

Rollo Head

James Thompson

(Email: Paypoint@finsbury.com)

 

ABOUT PAYPOINT

For tens of thousands of businesses and millions of consumers, we deliver innovative technology and services that make life a little easier.

 

The PayPoint Group serves a diverse range of organisations, from SME and convenience retailer partners, to local authorities, multinational service providers and e-commerce brands. Our products are split across three core business divisions:

 

·      In Shopping, we enhance retailer propositions and customer experiences through EPoS services via PayPoint One, card payment technology, Counter Cash, ATMs and home delivery technology partnerships in over 60,000 SME and retailer partner locations across multiple sectors. Our retail network of over 28,000 convenience stores is larger than all the banks, supermarkets and Post Offices put together

·      In E-commerce, we deliver best-in-class customer journeys through Collect+, a tech-based delivery solution that allows parcels to be sent, picked up and dropped off at thousands of local stores

·      In Payments and Banking, we help companies and their customers make and receive payments quickly and conveniently. This includes our digital payments platform, MultiPay, an eMoney offering that enables cash through to digital transactions and cash solutions providing vital consumer access across our extensive retail network

 

Together, these solutions enable The PayPoint Group to create long-term value for all stakeholders, including customers, communities and the world we live in.

 

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