PayPoint and Lloyds’ partnership expands with card deposits

PayPoint’s BankLocal partnership with Lloyds Banking Group has been expanded to include card deposits.

The move comes as PayPoint announced that  Lloyds Banking Group customers have deposited over £3m since the launch of its cash deposit service, with over 40% of transactions taking place before 9am and after 5pm.
Lloyds Banking Group customers will now be able to deposit cash at over 3,000 PayPoint stores using their debit card alone. Customers can pay in up to £300 in each transaction and the money appears in accounts within minutes.
Beaconsfield Cash ‘n’ Carry convenience store in Southall, West London, owned by Mr Lamba, has seen the highest number of transactions since the launch.
Anthony Sappor, Retail Propositions and Partnerships Director, PayPoint, said: “With 99.5% of people living within a mile of a PayPoint store, retailers are offering convenient locations to deposit cash, many of which open early and stay open until late, in the heart of local communities.
“PayPoint is committed to ensuring all Lloyds Banking Group customers can benefit from the service and the expansion to include card deposits makes it more accessible.”
Mr Lamba said: “The Lloyds Banking Group cash deposit service has been so popular with our customers already. From my perspective, it is great as it’s drawing in new customers who are making other purchases whilst in store, as well as offering an additional income stream. Stores like ours are important parts of local communities and the popularity of this service demonstrates retailers are playing an important role in providing banking services for customers.”