Lloyds finds a partner to sustain species deposits

While the number of banking agencies in the United Kingdom continues to decline, the Lloyds Banking Group has just lifted the veil on its latest initiative to maintain its cash deposit services for its customers. In this case, its strategy goes through the association since the bank has signed a partnership with PayPoint on the theme.

FACTS

• PayPoint is a UK provider of payment solutions and digital services for local businesses, retailers, e-commerce and financial service providers. The company can now also boast of being among the partners of the Lloyds Banking Group.

• Lloyds Bank becomes the first major British bank to allow its customers to deposit cash (up to £300 per day and £600 per month) across the UK via the PayPoint network. The service is accessible from the bank's mobile app, which now allows its users to generate a barcode which must then be presented to the traders of the PayPoint network to deposit money.

• The money deposited is credited to the user account of the service in a few minutes.

• The PayPoint network has over 30,000 outlets (94% open 7 days/7). The service is presented as particularly accessible, while 99.5% of British residents are less than 1 mile from a PayPoint point.

• Customers can locate the nearest PayPoint point from the Lloyds app or PayPoint site.

• In addition to Lloyds Bank, another member of the group, Bank of Scotland, propose now also this service to its customers.

ISSUES

• Complete its digital services The Lloyds Group states that its new service with PayPoint adds to existing solutions, such as the deposit of cash in Lloyds, Halifax, Bank of Scotland or via the country's 11,500 Post Offices. Lloyds Banking Group also highlights the fact that the addition of the PayPoint service enriches the features already supported by its mobile banking application (payment control, subscription management, credit score consultation, card management, receipt of cheques via photo, personalized notifications, blocking of certain payments, and benefit/cashback programs).

• Compensate : The merger of Lloyds and PayPoint is an alternative and a means for the banking group to compensate for the gradual disappearance of local banking services in the UK. British banks have closed a third of their branches in the last five years, according to the numbers Office of National Statistics (ONS). And the trend is only growing as large banks such as Lloyds, NatWest, Halifax and Bank of Scotland have already planned 113 additional closures by the end of November.

PERSPECTIVE

• The problem of access to species and cash in the UK has been a concern for many years. With the digitisation of services and the closure of agencies, the accessibility of this service, which was essential, was already considered unequal across the territory in 2021. At the time, this observation Pushed In particular, the main historical banks in the United Kingdom to respond by partnering with consumer associations and the UK Post Office network.

• The subject remained current in 2024 while the United Kingdom strengthened regulations to counter the massive closures of banking agencies and distributors. Since last year, the large banks in the square have had to strengthen their assessment of the impact of agency closures on access to cash and find alternative solutions to guarantee this type of services to the British. The rapprochement between Lloyds and PayPoint is an illustration of the efforts made on this subject.

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