Lloyds (LYG) Partners with PayPoint for UK Cash Deposit Service

Lloyds Banking Group PLC (NYSE:LYG) is one of the must-buy penny stocks to invest in. On August 19, the company announced that it will begin allowing its customers to deposit cash at over 30,000 PayPoint locations across the UK. The service is scheduled to begin operation on August 26, 2025. Customers will use the Lloyds mobile app to generate a barcode for cash deposit, usable at PayPoint locations such as convenience stores, newsagents, and supermarkets.

Customers can deposit up to £300 per day in cash, with a monthly limit of £600. The deposited funds are expected to appear in their accounts within minutes. The Lloyds-PayPoint partnership is intended to provide more convenience and access for customers. This partnership makes Lloyds Banking Group the first high street bank to utilize PayPoint’s BankLocal service.

This new service follows Lloyds’ announcement of plans to close an additional 55 bank branches, bringing the total number of planned closures to almost 300 by 2026. This is part of a broader corporate restructuring to reduce costs and encourage the use of digital banking.

Lloyds Banking Group PLC (NYSE:LYG) is a financial services company. It provides retail and commercial banking, insurance, and wealth management services primarily in the United Kingdom. The company operates well-known brands, including Lloyds Bank, Halifax, and Bank of Scotland, serving millions of customers through a nationwide branch network and digital banking platforms.

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Disclosure: None. This article is originally published at Insider Monkey.