Lloyds is modernising legacy cash deposits so they work in a cash-lite, mobile-first world, making banking more embedded in everyday life with in-app barcode cash deposit scanning at PayPoint stores.
Lloyds becomes the first major UK bank to offer a new app feature that enables customers to deposit cash at more than 30,000 PayPoint stores nationwide using a simple barcode.
Starting at the end of the month, users can generate a barcode within the ‘Everyday’ section of the Lloyds app, allowing them to deposit up to £300 in cash per day (notes and coins), with a monthly limit of £600. The barcode remains valid for two hours.
With almost every citizen of the UK living within a mile of a PayPoint outlet, this new option offers great convenience as traditional bank branches and ATMs continue to close. Overall, since 2015, over 6,000 bank branches have closed in the UK, leading to increased reliance on alternative banking methods.
Lloyds exemplifies this shift, announcing plans to close 292 branches in 2025, following the recent closure of 136 branches across Lloyds, Halifax, and Bank of Scotland. The banking group has been continuously shutting physical branches down for a few years now as its customers are increasingly opting for digital channels.
Gabby Collins, Payments Director at Lloyds, commented that the financial institution was constantly exploring smarter ways to make banking easier and more flexible. This new app feature would let customers quickly pay in cash at their local PayPoint, perfect for when they’re out shopping or dropping off parcels.
As many customers are still not ready to give up cash for good, Lloyds is aiming to reintroduce the physical cash handling process, making it more integrated with other daily activities, and less dependent on bank locations. This way, cash is seamlessly wrapped in digital convenience and broader accessibility.
Today, more financial institutions are creating a hybrid phygital experience – trying to seamlessly blend physical and digital interactions for a more convenient, efficient, inclusive, and user-friendly service.
