Home Forex PayPoint adds foreign exchange service and banking partners to strengthen network

PayPoint adds foreign exchange service and banking partners to strengthen network

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PayPoint has partnered with eurochange to roll out a foreign exchange currency service to stores, and confirms it’s “in the process” of onboarding new banking partners in an effort to strengthen its growing retail network.

The news was confirmed in PayPoint’s latest trading update for the three months ended 31 December 2023, published today.

Speaking about the move, the firm said: “We have also delivered further site growth across the PayPoint network and continued to enhance our retailer proposition to drive additional value and opportunities to earn for our retailer partners, including the initial rollout of our foreign currency service.” 

Elsewhere, PayPoint announced growth of its wider estate, totalling 28,900, up 422 sites since March last year. Overall, PayPoint’s group net revenue rose by 59.8% to £52m, while card payment net revenue increased by 6.6% to £8.3m, driven by strong sales, and service fee net revenue saw a boost of 11.1% to £5m.

Nick Wiles, chief executive of PayPoint, said PayPoint had experienced a positive quarter, and the launch of PayPoint Mini in November helped deliver “further site growth” across the network and driven opportunities to earn for retail partners.

In a sign of success for Park Christmas Savings, the scheme delivered £162.6m of billings, supported by an “enhanced proposition, strong new customer recruitment and improved retention rates”. In Love2Shop, the number of retained clients was up 6%, but order values were down, resulting in weaker billings than expected in December.

Parcel volumes are also up 54% against the peak quarter in full year 2023, driven by the continued growth in store to store service, bolstered by additional partnerships with Vinted and Yodel.

The firm revealed that it is “in advanced discussions with a number of other major carrier partners about long-term contracts to continue to grow volumes”. 

Collect+ new revenue is reportedly up by 34.3% to £3.1m, while transactions grew by 54.3% to £26.2m. The network grew to 11,730 sites, including a further expansion of 12 university locations, with plans in place to expand to 25 sites in the next six months.

Wiles said the quarter reflects the “resilience of our businesses and the benefits from the transformation delivered over the past three years”.

In payments and banking, PayPoint confirmed it is “on track” to “onboard a record level of new business” as digital payments platform MultiPay “continues to establish itself as a comprehensive payments solution, Open Banking, direct debit and cash”.

The firm also confirmed it is in “the process” of onboarding Chase and Revolut for consumer deposits into its partnered network.

Read more PayPoint news

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