Making bank with PayPoint

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PAYPOINT has reached an exclusive deal with emerging digital bank Monzo that will allow account holders to deposit cash through payment terminals.

Founded in 2015, Monzo is an app-based bank with more than three million customers.

Under the new deal with PayPoint, Monzo customers can deposit up to £300 in cash directly into their accounts in a single transaction, and a maximum of £1,000 over six months.

Lewis Alcrat, chief commercial officer at PayPoint said: “We are thrilled to grow our partnership with Monzo to benefit its customers across the UK. We will continue to offer its digital-only customers the benefits of physical-world convenience – it’s about giving people more control and making life easier.

“Monzo account holders can continue depositing cash in their local convenience stores, early ‘til late, seven days a week.”

The Monzo deal coincided with more positive news for PayPoint. Financial results for the three months to the 31 December revealed underlying revenue increased by 4.2% to £32.7 million.

Service fees were also up, increasing by 32.8% to £3.5m – an uplift that the firm said was down to the roll out of its PayPoint One terminal.