Lloyds Bank has introduced a new feature that enables customers to deposit cash using a barcode. The bank, catering to a large customer base across the UK, declared on August 12 that it is the first major UK bank to offer this service.
Customers of Lloyds can create barcodes through the banking app, which can then be scanned at over 30,000 PayPoint locations nationwide. The service allows for cash deposits of up to £300 per day in notes and coins, with a monthly limit of £600, and the barcode remains valid for two hours. This service will commence on August 26.
Lloyds emphasized that 99.5% of individuals reside within a mile of a PayPoint store, which also provides services such as parcel handling, mobile phone top-ups, and bill payments.
In addition to using the barcode feature, Lloyds customers can still deposit cash at branches, utilize cash in-and-out machines across the UK, or visit banking hubs at Post Offices. Gabby Collins, the payments director at Lloyds, expressed the bank’s commitment to enhancing banking flexibility and customer choice.
Nick Wiles, the CEO of PayPoint, praised the partnership, highlighting the convenience and accessibility it brings to Lloyds customers. The move to allow cash deposits at PayPoint locations follows Lloyds’ recent decision to phase out the option of cashing cheques at the Post Office, transitioning to cheque deposits via the mobile app by December 31, 2025.
