PayPoint has signed a partnership with the banking company Tide that will enable its customers to deposit cash directly into their Tide accounts at any of PayPoint’s 29,000 retailers nationwide.

The deal gives the digital bank access to a network larger than all banks, post offices and supermarkets combined.

Launched in January 2017, Tide claims to be the UK’s only digital banking service focused exclusively on small businesses.

The integration with PayPoint’s deposit solution means that Tide’s customers now have more options of when and where they can add funds to their account; beyond BACS or Faster Payments.

George Bevis, CEO at Tide, said: “We know that small businesses need to spend less time banking and more time pursuing their passion. We are constantly looking at new ways to improve their banking experience. For a digital-only bank, the extensive network of physical locations we can now access thanks to PayPoint’s network is hugely exciting.”

Lewis Alcraft, commercial director at PayPoint, said: “The partnership with Tide is significant as it offers its digital-only customers more choice and flexibility. With 99% of the UK population living within one mile of a PayPoint store in urban locations and five miles in rural areas, our network of stores is a convenient solution.

“The partnership further underlines the important role that convenience retailers continue to play in providing vital services to their local communities.”

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