Demand for PayPoint facility is rising
PAYMENT services provider PayPoint has said withdrawals from its Counter Cash facility in convenience stores across the country are now topping more than £1 million a week.
The free-to-use, cashback-without-purchase service launched last year and is available at 4,800 PayPoint stores across the UK.
These locations, prioritised in communities that have below-average free access to cash, have provided over £28 million in cash withdrawals during the last 12 months.
Uniquely, the Counter Cash service allows people to withdraw any amount between 1p and £50 – meaning that if anyone needs to access a very specific amount in their bank account, they can do so.
PayPoint data reveals that 29% of withdrawals are for amounts you can’t get from an ATM (multiples of £5, £10 or £20).
The firm says this shows that hard-up consumers are making every penny count as the cost-of-living crisis worsens.
Some 36% of withdrawals are for amounts under £10. There has also been a steady increase in total withdrawal values month on month (based on first fortnight of each month).
September was up 3% on August, October was plus 8% on September, while November saw a 16% rise on October.
In the first two weeks of November, withdrawals of £9.99 or less were up 15% compared with the same time in October.
They were up 28% and 54% against the corresponding weeks of September and August respectively. Alex Kemp, head of ATM & cash solutions at PayPoint, said: “Counter Cash is now the largest at-scale access-to-cash initiative in the UK and our retailer partners are doing a fantastic job providing this vital service to cash-strapped consumers across the UK.
“What’s clear is that, as costs rise, people are having to control their outgoings more tightly, and often need to budget down to the last penny. Counter Cash allows them to do that in ways traditional cash machines don’t.”