PayPoint’s CashOut service wins at Emerging Payments Awards

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PayPoint is delighted to have won the Best Collaboration Initiative category at the Emerging Payments Awards this week alongside i-movo for its CashOut service for the DWP.

In April 2018, PayPoint collaborated with i-movo, the UK’s leading secure digital voucher system provider, to offer a new cash payments system, ‘Payment Exception Service’ (PES) to customers eligible for state benefits. This service was adopted by the Department of Work & Pensions (DWP) for customers unable to use standard banking products and enables the DWP to issue instant, cash-value vouchers to the financially excluded.

The vouchers contain unique codes that are validated and exchanged for cash at any PayPoint store across the UK. The in-store experience is very simple: the retailer scans or swipes the voucher, follows the screen prompts and hands the cash to the customer with their receipt. Vouchers can be redeemed at over 28,000 PayPoint locations across the UK, a network bigger than all banks, Post Offices and supermarkets combined.

Commenting after receiving the joint award, Lewis Alcraft, commercial director at PayPoint, said: “We’re extremely proud that PayPoint and our retail partners, in collaboration with i-movo, are able to provide this essential service for the DWP, and we are delighted to be recognised by the Emerging Payments Awards. With 1.5 million ‘unbanked’ citizens in the UK who manage their lives using cash, the Payment Exception Service is a lifeline. Additionally, with the introduction of PES, retailers benefit from more CashOut transactions reducing cash banking charges for their business. This service is a win, win for customers and retailers alike.”