Lloyds Bank has introduced a new feature enabling customers to deposit cash using a barcode, making it the first major UK bank to offer this service. The feature, announced on August 12, allows Lloyds customers to generate barcodes through the banking app and then scan them at over 30,000 PayPoint locations nationwide.
Customers can deposit up to £300 per day in notes and coins, with a monthly cap of £600, and the barcode remains valid for two hours. This service will launch on August 26. Lloyds highlighted that 99.5% of the population lives within a mile of a PayPoint store, which also provides other services like parcel handling, mobile top-ups, and bill payments.
Alternatively, customers can still deposit cash at branches, use Lloyds’ cash in-and-out machines, or utilize banking facilities at Post Offices. Gabby Collins, Lloyds’ payments director, expressed the bank’s commitment to enhancing flexibility and providing more choices for customers.
Nick Wiles, CEO of PayPoint, emphasized the convenience of Lloyds customers being able to deposit cash at PayPoint locations. This move follows Lloyds’ decision to phase out cheque cashing at the Post Office by the end of 2025, with customers being able to deposit cheques via the mobile app instead.