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May 31, 2022

PPS to enable real-time payments for UK Post Office customers

UK-based Payments processor PPS has expanded its existing partnership with the UK Post Office to enable real-time payments.

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 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
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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.  

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.

Earlier 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.”

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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