UK-based Payments processor PPS has expanded its existing partnership with the UK Post Office to enable real-time payments.
The partnership will allow individuals and small businesses in the UK to tap PPS services to deposit cash instantly to their accounts at 11,500 post offices across the country.
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As part of the tie-up, PPS also signed up for UK Post Office’s banking framework, which enables customers to deposit instantly using their existing chip and PIN cards.
PPS Strategic Solutions and Partnerships director Aoife Hurley said: “This is an exciting time for our long and successful relationship with the Post Office. While Covid-19 has impacted banking, we are seeing customer demand for cash depositing services growing as businesses recover after the pandemic.
“Many of our cardholders run business accounts through us, therefore it is imperative for their cash flow that money moves as efficiently as possible. With this new service provided by PPS together with the Post Office, we can now match the benefits provided by cash depositories without the need for a physical location.”
Post Office, which has existing partnerships with more than 30 banks, building societies and credit unions, allows its customers to make cash withdrawals, deposits and balance enquiries at its branches.
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By GlobalDataEarlier this month, Western Union expanded its alliance with the Post Office to provide retail cross-border money transfers in the country.
Commenting on the latest partnership, Post Office banking director Martin Kearsley said: “With a trusted network of 11,500 branches, and with 99.7% of people in the UK living within just three miles of a Post Office, we are uniquely placed to bring vital services to local communities right across the country.
“We’re delighted to welcome PPS into our Banking Framework. Our Banking Framework agreement continues to benefit both Postmasters and millions of customers who have convenient access to everyday financial services over our counters.”
