Lloyds Bank has introduced a new feature enabling customers to deposit cash using a barcode. This service, declared by the bank on August 12, is stated to be the first of its kind among major UK banks.
Customers of Lloyds can create barcodes through the banking app, which can then be scanned at over 30,000 PayPoint locations nationwide. The option allows customers to deposit up to £300 daily in notes and coins, with a monthly cap of £600, and the barcode remains valid for two hours starting from August 26.
Additionally, Lloyds emphasized that 99.5% of individuals reside within a mile of a PayPoint store, which not only facilitates cash deposits but also provides services like parcel handling, mobile phone top-ups, and bill payments.
In parallel, Lloyds customers still have the choice to deposit cash at branches, utilize Lloyds cash in-and-out machines countrywide, or visit banking hubs at Post Offices.
Gabby Collins, Lloyds’ payments director, expressed the bank’s commitment to enhancing banking flexibility and customer options. She further mentioned that the new feature enables customers to conveniently deposit cash at local PayPoint locations within minutes, offering unmatched convenience compared to other UK banks.
Nick Wiles, CEO of PayPoint, highlighted the extensive range of essential services available through PayPoint’s retail network, benefiting communities across the UK with banking, utility, parcel, cash, and government services.
The ability for Lloyds customers to deposit cash at over 30,000 PayPoint locations signifies an enhanced level of convenience and accessibility for customers in close proximity to their residences. This initiative coincides with the bank’s decision to discontinue the service of cashing cheques at the Post Office by December 31, 2025, with customers being able to deposit cheques via the mobile app moving forward.