Lloyds Bank has introduced a new feature that enables customers to deposit cash using a barcode. The bank, which caters to a vast customer base across the UK, made the announcement on Tuesday, August 12, declaring itself the first major UK bank to offer this service.
Customers of Lloyds will now be able to create barcodes through the banking app, which can then be scanned at over 30,000 PayPoint locations nationwide. This development comes shortly after Nationwide’s decision to reward customers with a £760 bonus for completing a specific action.
Starting from August 26, customers can deposit up to £300 per day in notes and coins, with a monthly cap of £600, and the barcode will be valid for two hours. Lloyds pointed out that 99.5% of the population lives within a mile of a PayPoint store, which also provides services like parcel handling, mobile phone top-ups, and bill payments.
In addition to the new barcode feature, Lloyds customers can still utilize traditional methods such as depositing cash at branches, using Lloyds cash in-and-out machines nationwide, or accessing banking services at Post Offices.
Gabby Collins, Lloyds’ payments director, emphasized the bank’s commitment to enhancing banking flexibility and offering customers more options. She mentioned that the new cash deposit feature at PayPoint locations is another step towards providing unparalleled money management solutions.
Nick Wiles, CEO of PayPoint, highlighted the convenience and accessibility that Lloyds customers will experience through the new deposit service at PayPoint locations. He underscored the importance of PayPoint’s extensive retail network in serving various essential needs within communities across the UK.
This update follows Lloyds’ decision to discontinue the option of cashing cheques at the Post Office by the end of 2025. Instead, customers will be able to deposit cheques through the mobile app starting December 31, 2025.