Lloyds Bank has introduced a new feature that enables customers to deposit cash using a barcode. The bank, catering to a vast customer base across the UK, revealed on August 12 that it is the first major UK bank to offer this service.
Customers of Lloyds can now generate barcodes through the banking app, which can be scanned at over 30,000 PayPoint locations nationwide. This development comes in light of Nationwide’s announcement about offering a bonus of £760 to customers who fulfill a specific condition.
Starting from August 26, customers will be able to deposit up to £300 per day in notes and coins, with a monthly limit of £600, and the barcode will be valid for two hours. Additionally, Lloyds emphasized that 99.5% of the population lives within a mile of a PayPoint store, which also facilitates parcel services, mobile top-ups, and bill payments.
Furthermore, Lloyds customers have the option to deposit cash at branches, utilize Lloyds cash in-and-out machines nationwide, or access banking services at Post Office hubs. Gabby Collins, Lloyds’ payments director, expressed the bank’s commitment to enhancing banking flexibility and customer choice.
Nick Wiles, the CEO of PayPoint, highlighted the convenience of Lloyds customers being able to deposit cash at numerous PayPoint locations, offering increased accessibility for customers in their local communities. This move follows Lloyds’ decision to phase out cheque cashing services at Post Offices by the end of 2025, with customers being able to deposit cheques via the mobile app instead.