PayPoint enlists retailers for cash in low access zones push

PayPoint has announced the UK wide roll-out of its Counter Cash service, which enables anyone to withdraw specific denominations of cash from £0.01 to £50, from participating PayPoint retailer partners.

The offering will initially be targeting areas of the UK with little to no cash access.

Retailers will earn commission on every transaction they process, including withdrawals and balance enquiries. They will also save on banking charges by recycling cash they take in for PayPoint services.

According to our recent research, much of the UK citizens are still cash reliant. It is crucial to maintain both digital and cash solutions in order for the most vulnerable to be able to make their payments. 💷https://t.co/0dmtFldvTn #cash #digital #solutions pic.twitter.com/NO6pHkmtox
— PayPoint (@PayPoint) August 23, 2021

Nick Wiles, Chief Executive at PayPoint, says: “Bank branches and ATMs have been disappearing at an alarming rate over the last few years and the UK’s rapid growth in digital payments, across every corner of the economy, has left millions of people who use cash every day at risk of being left behind.”

“Today we are laying out our long-term commitment to do everything we can to ensure easy, free cash access, working with partners across industry and government, ahead of the official launch of PayPoint Counter Cash on 1st November.”

“The service will not only enable people to make exact withdrawals, down to a single penny, unlike an ATM, but will also be completely free to customers and profitable to the retailers that offer it.”

He adds: “I’m incredibly proud of the support that PayPoint’s network offers local communities across the UK and I would like to congratulate our participating Counter Cash retailer partners for providing yet another vital community service.”

PayPoint Counter Cash trial participant Imran Hamid, a local shop owner in Dennyloanhead, Scotland says: “Denny is a town where we used to have TSB, a Royal Bank of Scotland, a Bank of Scotland, a Clydesdale Bank and now they’ve all shut. I think it’s just a community thing where we try to help and give back something.”

“We’ve also got people who are on benefits here and they want access to their cash. That’s another good thing about this – they can withdraw anything from a penny to £50.”

“If someone on benefits has only got £3.50 left in their bank account and they want that £3.50, I can give it to them and it’s not going to cost them anything.”

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