RCS - PayPoint PLC - Further rollout of Counter Cash service in UK

PayPointAnnouncement

03/12/2021 09:25

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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 Over £680,000 has been withdrawn using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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