Today we have announced our intention to acquire Payzone’s bill payments transaction business.
This is a big opportunity for both the Post Office and Payzone networks.
Teaming up with Payzone means together we will have a greater presence in the market, allowing us to compete for new bill payment contracts, and that will help to bring in more customers for Post Office branches and Payzone outlets alike.
Together, we will have around 25,000 locations where customers can pay their household bills, so it will be more convenient for them with more choice about where to pay their bills.
Bill payments are a vital service for customers, particularly for many vulnerable or elderly customers and people who don’t have online access so rely instead on paying their bills over-the-counter.
Debbie Smith, Chief Executive – Retail, said: “This is an exciting move for the Post Office. We operate in fast-paced, commercial markets and this acquisition will give us the opportunity to compete for a wider range of larger bill payments contracts.
“More than 500 million bill payment transactions take place across the UK each year. We’re excited to be able to offer even greater convenience to people, including those more elderly or vulnerable customers who rely on over-the-counter services to pay a wide range of essential bills.”
You can find out more about this announcement on our dedicated microsite here.
We’ve exchanged contracts and we’re working with the Competition and Markets Authority on all the necessary regulatory and market requirements. Subject to regulatory approval, we expect to complete the acquisition during 2018.
It will take a bit of time to adapt the networks to accept each other’s transactions, so there won’t be any immediate difference today. We’ll keep branches and colleagues updated on this over the coming weeks.