PayPoint secures partnership with UK’s biggest digital challenger bank

Monzo’s one million customers can now deposit up to £300 cash directly into their accounts in a single transaction at any of PayPoint’s 28,000 convenience stores nationwide.

Tom Blomfield, chief executive at Monzo, said: “Our goal is to give our customers more convenience and control over their money. And by partnering with PayPoint, Monzo customers will be able to pay cash into their accounts at shops that are easy to access and open when they need.”

Lewis Alcraft, commercial director at PayPoint, added: “This exciting partnership with Monzo is significant as it offers its digital-only customers physical-world options – it’s about giving people more control and making life easier. With over 99% of the UK population living close to a PayPoint store, this convenient solution allows Monzo’s customers to deposit cash, early ‘til late, 7 days a week.”

The cash deposit service will be available from Wednesday 21 November.

A growing list of challenger banks and fintechs have chosen the PayPoint network to provide cash payment services to account holders, including: Pockit, Monese, Tide and U Account.