Lloyds has become the first major UK bank to give its customers a way to pay cash in to their accounts — without visiting a branch or Post Office.
The new feature, dubbed the ‘barcode cash deposit’ allows those with the Lloyds banking app to generate a barcode which can be scanned at their nearest PayPoint location. Here, customers can deposit up to £300 per day in cash and coins.
With many retailers moving toward card-only payments, the need to get cash deposited in accounts is more pressing than ever.
This new app feature means customers are no longer behold to limited opening hours of banks and Post Offices. Here’s how it works.
Where to get your cash deposit barcode
The feature was introduced on August 26, and you’ll find it in the ‘Everyday’ section in the app, where you can generate a unique one-time barcode.
You’ll need to be timely because it expires two hours after it’s been issued, so its best to do it on your way to your local PayPoint.
Once you’re there, simply have a member of staff scan your barcode and deposit the cash with them.
What is a PayPoint location and how can I find one?
Paypoints include shops like Londis, Best One, Nisa, Morrisons Daily and other smaller convenience stores.
With more than 30,000 locations across the UK, Lloyds claims 99.5% of Brits live within a mile of a PayPoint, which can be located in the Lloyds app or on the PayPoint website.
The new Lloyds cash deposit method, at a glance
- The feature is called the ‘barcode cash deposit’
- It’s found in the ‘Everyday’ section of the app
- The barcode is valid for two hours
- You can deposit up to £300 per day, or £600 per month
- Find your PayPoint location on the PayPoint website or in the Lloyds app
Simply put your postcode in, and a map will show you your nearest PayPoint store, including how far away it is and its opening times. Talk about easy.
What’s better is 94% of the PayPoints in the UK are open seven days a week — so there’s no need to fit your local Lloyds branch schedule.
What does the bank say?
‘We’re always looking for smart ways to make banking more flexible and give customers more choice,’ says Lloyds payments director, Gabby Collins.
‘Our latest app feature now allows customers to pay in cash at their local PayPoint in just a few minutes – ideal if they are popping in for milk or dropping off a parcel.
‘With this new innovation, no other UK bank offers as many ways to manage money as Lloyds.’
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A creature of habit? No problem
If you don’t want to use the PayPoint barcode system there’s no need to panic, other services haven’t been cut as a result.
This means you can still pay in cash quickly at Lloyds, Halifax and Bank of Scotland branches if you desire.
Not everyone uses apps for things like banking, especially given that 8% of people aged 16 and over (4.5 million people) in the UK don’t have a smartphone, according to Ofcom.
Among those 75 and over, 28% don’t have a smartphone which enables them to use banking apps, so more traditional methods of depositing cash are still important.
If this applies to you, there’s also the cash in and out Lloyds machines located around the UK, or you can visit the Post Office to pay in or withdraw cash, too.
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