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LONDON - Lloyds Banking Group (LON:LLOY) will partner with PayPoint to provide over 30,000 cash deposit locations across the UK, according to a press release issued Tuesday.
Starting August 26, customers of Lloyds, Halifax and Bank of Scotland will be able to deposit up to £300 daily in notes and coins at PayPoint locations, with funds appearing in their accounts within minutes.
The partnership marks the first time high street banks will utilize PayPoint’s BankLocal service, expanding access to cash services in communities nationwide. According to the company, over 99.5% of the UK population lives within one mile of a PayPoint location, with stores operating extended hours seven days a week.
Nick Wiles, Chief Executive of PayPoint, stated that the company’s retail network provides "essential services at the heart of communities across the UK" including banking, utility, parcel, cash and government services.
PayPoint identified Local Banking and Access to cash as key growth areas contributing to its £100 million EBITDA target for the current year and longer-term growth objectives through fiscal year 2028.
The PayPoint retail network encompasses over 30,000 convenience stores, which the company notes is larger than all banks, supermarkets and Post Offices combined. The company operates across multiple business divisions including Shopping, E-commerce, Payments and Banking, and Love2shop.
This announcement represents an expansion of banking services through PayPoint’s existing retail infrastructure, potentially increasing accessibility to banking services in local communities.
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