U Account – the UK’s first “unbank” – has launched cash pay-in for its 50,000 current account customers via integration with PayPoint.
Account holders can now pay in up to £250 in cash in one single transaction at any of 29,000 participating retailers in the UK. According to U Account, 99% of the UK population live within one mile of a PayPoint store in urban areas, and five miles in rural areas.
Alex Letts, CEO and chief “unbanking” officer at U Account, says: “Users have easy access to 29,000 terminals where they can pay in cash, as opposed to needing to catch a bus or drive miles to one of the few remaining bank branches! It’s about being a help and not a hindrance to people, giving them more options, and more control.”
Prior to this integration, U Account holders previously added funds via BACS or Faster Payments.
The new service is being made available immediately to existing and new customers, and to Ffrees customers looking to transfer to U Account.
Who are U?
U Account started off as a prepaid card business, operating under the name Ffrees Family Finance Ltd and targeting those who are under-served by traditional high-street banks.
In November 2016, it evolved into U Account, a current account that aims to help its users to improve their financial wellbeing, offering direct debit payments, budgeting tools and more.
U Account was launched in partnership with Wirecard, Global Processing Services (GPS) and Bottomline Technologies.
Original Article published by Antony Peyton,
https://www.bankingtech.com/2018/04/u-account-unveils-cash-pay-in-for-current-account-customers/