PayPoint Counter Cash service reaches 2,000 store milestone

PayPoint’s Counter Cash service has reached its first important milestone and is now live in more than 2,000 stores, providing vital access to cash services for communities across the UK.

“Our Counter Cash service has proven popular with consumers and retailers since launch and this important milestone demonstrates our continued, long-term commitment to ensuring that cash access is protected,” said CEO Nick Wiles. “We look forward to seeing even more of our retailer partners benefit from offering the service as we expand it further in the coming months.”

PayPoint is the first of LINK’s members to provide the service, which launched at the end of last year. During the last week in January, consumers withdrew more than £300,000 over the counter with an average value of £24.18, and almost half of the participating stores have carried out a transaction to date.

The “Cashback Without Purchase” service provides a valuable new way to access cash on the High Street, allowing consumers to withdraw cash in convenience stores without the need to buy anything or pay a fee. Consumers can also check balances for free and withdraw any value of notes and coins from 1p and £50, rather than being restricted to notes dispensed by ATMs.

Participating retailers are remunerated for offering the service as they would do for a normal ATM, as well as benefitting from reduced banking charges and offering a vital service to their community.

“We take huge pride in being a friendly shop that goes above and beyond to serve customers in a remote part of the country,” said Andrew & Colleen Johnson, PayPoint retailer partners from Dafarn Newydd stores in Mid Wales. “The nearest cash machine is over nine miles away and the nearest bank is over 24 miles away, so offering the Counter Cash service was an obvious choice for us to expand the services we offer.”

The next phase of the Counter Cash programme will see a measured and continued growth of the network, enhanced support for participating retailers to improve customer experience and adoption, and a co-ordinated campaign to drive further consumer awareness.

“Counter Cash provides an incredibly convenient way for the millions of people who depend on cash to make withdrawals to a value of their choice up to £50. We are proud to be the first of LINK’s members to launch and expand this service, making a real difference to local communities,” said Wiles.