Bill payments are a core part of our retail offer and our acquisition of Payzone will allow us to really compete in the market and bring more payments business to both Post Office branches and Payzone retailers alike.
Our key competitor in this market is Paypoint. And understanding their business is essential if we’re to build our share of this market. Here we take a look at their customer reach, key markets and developments over the past year.
Focus on Paypoint
- Formed in 1996 with the aim of enabling customers to load gas and electricity onto their prepayment energy meters in cash at their local convenience store.
- Market themselves as a 'champions of convenience’, priding themselves on their accessibility to customers.
- Partially own Collect+ in a joint venture with Yodel. Many Paypoint operators also have Collect+ services in their stores.
They provide access to cash payments at 28,000 access points across the UK.
90% of people in the UK’s towns and cities live within a mile of a Paypoint outlet
Generally based in urban centres, providing fast and convenient locations to complete payment transactions. Their partnerships with Nintendo and gift card providers, such as Zeek, indicate their customer base is generally a younger, tech savvy demographic.
Developments in the last year
Much like our partnership with Starling Bank, last year Paypoint struck up a partnership with digital bank Monzo, acting as a physical branch for the online only bank.
They’ve been investing in technology and recently released an iOS app for retailers to manage their business.