Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
  1. Homepage
  2. Equities
  3. United Kingdom
  4. London Stock Exchange
  5. PayPoint plc
  6. News
  7. Summary
    PAY   GB00B02QND93


SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

PayPoint : applauds government's £500m pledge to UK's poorest households

10/04/2021 | 05:43am EST

It urges councils across the country to pay out benefits using its Cash Out voucher scheme for immediate access to cash

After government announced a £500m grant to help vulnerable households in the UK, PayPoint is lauding the decision and now calling on local authorities to provide convenient and immediate access to much needed cash to the financially vulnerable.

Throughout the pandemic, more than 100 local authorities benefitted from PayPoint's Cash Out service to help deliver emergency funds to those in need, with over 2 million vouchers issued with a total value of over £100 million. Cash Out works in real-time to seamlessly enable eligible households to receive vouchers via email, letter or SMS to then be presented to obtain cash or energy credit payments at one of PayPoint's 28,000 retailers. These include Sainsburys, Asda, The Co-op, Spar, and One-Stop, as well as more conveniently placed local shops.

Over 99% of urban households are within one mile of a PayPoint location, and 98.3% of rural households within five miles.

Demonstrating the speed at which people can benefit from the service, a PayPoint Cash Out voucher was recorded as having been presented to obtain cash just over a minute from receipt.

PayPoint has also recently joined forces with the Department for Work & Pensions (DWP) to deliver payments to those without access to a standard bank account. Previously, many UK benefits recipients, who choose to receive their benefits in cash, collected their payments using a paper-based voucher system or a Post Office Card Account, which is coming to an end.

Danny Vant, Client Services Director at PayPoint said: "Since March 2020, we have seen various government support mechanisms created, and while there has been success, local authorities faced challenges in providing straightforward access to funds. To help with this issue, we made use of our Cash Out solution and network of retailers."

For local authorities, access to the Cash Out facility is via an online portal which removes the need for any development. Not only does this ease the burden on local authorities already facing significant challenges but enables them to utilise Cash Out as a solution immediately.

In South Lanarkshire, the solution was successfully used with the distribution and redemption of school meal vouchers. Stephen Pendrich, Benefits and Revenue Advisor for South Lanarkshire Council explains: "We knew we needed to find a fast and efficient solution to deliver school meal payments to all of our eligible residents in need of financial support. eGift vouchers for large supermarkets were not inclusive enough, particularly considering the geographical challenges in South Lanarkshire.

"To this day, PayPoint's Cash Out remains a vital service for our residents, alongside bank transfer which we later introduced to offer as an alternative way of providing financial support."

Family Fund Business Services used CashOut to meet its ambition of delivering £7.5m to local authority beneficiaries. The organisation was also able to provide access to emergency cash 24/7, 365 days a year.

Jill Wheeler, Managing Director of FFBS, commented: "Our clients and their beneficiaries are at the heart of everything we do, so any solutions we utilise must ultimately best serve them, not just improve our own practices. Importantly, this ethos is mirrored by PayPoint so when lockdown came into force, we were united in stepping up plans to fully digitise our offering and deliver flexible, friction-free payment options."

Danny Vant concludes: "We adapted quickly to the challenges of the last 18-months and stand in a strong position to continue our support to local authorities across the country without them having to make heavy investment in new systems. The pairing of our Cash Out technology and network of retailers allows us, and the local authorities we work with, to create a framework that suits individual and national needs."


PayPoint plc published this content on 04 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 October 2021 09:40:54 UTC.

© Publicnow 2021
All news about PAYPOINT PLC
12/08PAYPOINT : Flexible digital donations will lead to increased and more spontaneous charitab..
12/07PAYPOINT : 64% of Brits pay in cash for surge in boozy winter warmers sales over November
12/02PAYPOINT PLC : Ex-dividend day for interim dividend
12/01Holding(s) in Company
12/01PAYPOINT : ‘Cashback Without Purchase' rollout will extend to 2,000 retailers by end..
11/25Results for the half year ended 30 September 2021
11/25PayPoint plc Reports Earnings Results for the Half Year Ended September 30, 2021
11/25Paypoint plc Declares Interim Dividend, Payable in Equal Instalments on 30 December 202..
11/23PAYPOINT : Partners with youlend to offer retailers fast and flexible funding options
11/23UK's Energy Regulator Approves PayPoint's Commitments To Address Objections
More news
Analyst Recommendations on PAYPOINT PLC
More recommendations
Sales 2022 115 M 152 M 152 M
Net income 2022 33,8 M 44,6 M 44,6 M
Net Debt 2022 8,38 M 11,1 M 11,1 M
P/E ratio 2022 13,2x
Yield 2022 6,13%
Capitalization 424 M 561 M 560 M
EV / Sales 2022 3,75x
EV / Sales 2023 3,55x
Nbr of Employees 669
Free-Float 80,0%
Duration : Period :
PayPoint plc Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends PAYPOINT PLC
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 5
Last Close Price 621,00 GBX
Average target price 756,40 GBX
Spread / Average Target 21,8%
EPS Revisions
Managers and Directors
Nicholas Wiles Chief Executive Officer & Director
Alan Dale Finance Director & Executive Director
Giles Francis Bertram Kerr Chairman
Lewis Alcraft Chief Operating Officer & Executive Director
Tanya Murphy General Counsel & Head-Compliance
Sector and Competitors
1st jan.Capi. (M$)
SQUARE, INC.-10.50%89 847
FISERV, INC.-8.70%68 631