Customers of Lloyds Bank have deposited over £1 million with PayPoint’s BankLocal service within a month of the launch of the app-based cash deposit feature.
Lloyds is the first major UK bank to introduce the mobile app feature, which allows cash deposits at over 30,000 PayPoint locations nationwide using a simple barcode. Users can deposit up to £300 per day in notes and coins, with a maximum of £600 per month, and the barcode is valid for two hours.
With 99.5% of people living within a mile of a PayPoint store, the successful rollout highlights a clear demand for local cash deposit services as banks and ATMs progressively disappear from the high street.
Anthony Sappor, retail propositions and partnerships director at PayPoint, stated: “The speed at which the BankLocal service has reached this milestone validates consumer demand for this service. With our network of over 30,000 PayPoint retailer partners nationwide, we’re excited to see the service continue to build momentum and provide essential banking services to even more customers in the future.”