PayPoint HY Results

PayPoint has reported that it has exceeded £20m in cash distribution to consumers using its free, any denomination (1p-£50 per transaction), no purchase necessary cash withdrawal service, Counter Cash.

Launched in November 2021, the service is now available over the counters of more than 4,000 PayPoint locations across its 28,000-strong UK network. These locations, prioritised for their below average provision of free cash access to communities, have since seen more than £20m in cash withdrawals from over 825,000 transactions.

Nick Wiles, chief executive, PayPoint, said: “Safeguarding free, easy access to cash is of paramount importance and never more so than during times of economic hardship when many use it to more easily keep track of spending. Our Counter Cash service, available in many of the UK’s most ATM deprived areas, represents PayPoint’s continued commitment to delivering against that objective in a tangible way.

“It’s also essential that cash services benefit the retailers that offer them, which is why we committed to enhanced commission for our retailer partners that provide Counter Cash to their local communities. In doing so, they can reduce their cash banking charges as well as generate additional revenue in the face of rising operating costs across the board.”