Paypoint Regulatory News (PAY)

3 February 2022

PayPoint Plc

PayPoint Counter Cash service reaches 2,000 store milestone

Consumers withdrew over £300,000 last week with an average value of £24.18

PayPoint is pleased to announce that its Counter Cash service has reached its first important milestone and is now live in more than 2,000 stores, providing vital access to cash services for communities across the UK.

PayPoint is the first of LINK's members to provide the service, which launched at the end of last year. During the last week in January, consumers withdrew more than £300,000 over the counter with an average value of £24.18, and almost half of the participating stores have carried out a transaction to date.

The 'Cashback Without Purchase' service provides a valuable new way to access cash on the High Street, allowing consumers to withdraw cash in convenience stores without the need to buy anything or pay a fee. Consumers can also check balances for free and withdraw any value of notes and coins from 1p to £50, rather than being restricted to notes dispensed by ATMs. 

Participating retailers are remunerated for offering the service as they would do for a normal ATM, as well as benefitting from reduced banking charges and offering a vital service to their community.

The next phase of the Counter Cash programme will see a measured and continued growth of the network, enhanced support for participating retailers to improve customer experience and adoption, and a co-ordinated campaign to drive further consumer awareness.

Nick Wiles, Chief Executive Officer of PayPoint, said:

"Our Counter Cash service has proven popular with consumers and retailers since launch and this important milestone demonstrates our continued, long-term commitment to ensuring that cash access is protected. We look forward to seeing even more of our retailer partners benefit from offering the service as we expand it further in the coming months."

"Counter Cash provides an incredibly convenient way for the millions of people who depend on cash to make withdrawals to a value of their choice up to £50. We are proud to be the first of LINK's members to launch and expand this service, making a real difference to local communities."

Andrew & Colleen Johnson, PayPoint retailer partners from Dafarn Newydd stores in Mid Wales said:

"We take huge pride in being a friendly shop that goes above and beyond to serve customers in a remote part of the country. The nearest cash machine is over nine miles away and the nearest bank is over 24 miles away, so offering the Counter Cash service was an obvious choice for us to expand the services we offer.

It's a simple and easy service for customers to use and not only helps us earn for every transaction, but also contributes to reducing our banking charges. We're looking forward to it growing even further as tourists return to the area this year, cementing our position as a destination where people can access a wide range of vital community services."

ENDS

Enquiries:

PayPoint plc

Nick Wiles, Chief Executive (Mobile: 07442 968960)

Alan Dale, Finance Director (Mobile: 07778 043962)

Steve O'Neill, Corporate Affairs & Marketing Director (Mobile: 07800 716936)

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.