Lloyds Bank has introduced a new feature that enables customers to deposit cash using a barcode. The bank, catering to millions of customers nationwide, made the announcement on Tuesday, August 12, declaring itself as the first major UK bank to offer this service.
Customers of Lloyds can create barcodes through the banking app, which can then be scanned at over 30,000 PayPoint locations throughout the UK. This development comes on the heels of Nationwide’s decision to reward customers with a £760 bonus for a specific action.
Starting from August 26, customers can deposit up to £300 per day in cash, with a monthly limit of £600, and the barcode will be valid for two hours. Lloyds emphasized that 99.5% of the population resides within a mile of a PayPoint store, which also provides services such as parcel handling, mobile phone top-ups, and bill payments.
Alternatively, Lloyds customers can still deposit cash at branches, use Lloyds’ cash in-and-out machines nationwide, or utilize banking services at Post Offices. Gabby Collins, Lloyds’ payments director, expressed the bank’s commitment to enhancing banking flexibility and offering more choices to customers.
Nick Wiles, CEO of PayPoint, highlighted the convenience provided by Lloyds’ new cash deposit feature at PayPoint locations, offering increased accessibility for customers in their local communities. This move comes as Lloyds plans to discontinue the option for customers to cash cheques at the Post Office by the end of 2025, with cheque deposits shifting to the mobile app.
In summary, Lloyds’ innovative approach aims to simplify banking transactions and provide added convenience to customers, aligning with the evolving trends in the banking sector.
