Lloyds Bank has implemented a significant change to help customers deposit cash more conveniently and effectively eliminates the need to visit brick-and-mortar bank branches
Lloyds Bank has rolled out major changes, introducing a new method for customers to deposit cash into their accounts. Customers can now deposit notes and coins into their accounts when they pop into their local shops.
The bank’s mobile app now generates a barcode that can be scanned at any of the 30,000 PayPoint stores across the UK to deposit cash. This eliminates the need to visit bank branches to deposit cash, making money management more convenient for households.
Daily deposits of up to £300 can be made, with a monthly limit of £600. The generated barcodes will remain valid for two hours. The new feature was launched on Tuesday, August 26, and is now available for customers to use.
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Gabby Collins, payments director at Lloyds, said: “We’re always looking for smart ways to make banking more flexible and give customers more choice.
“Our latest app feature now allows customers to pay in cash at their local PayPoint in just a few minutes – ideal if they are popping in for milk or dropping off a parcel.”
As reported by Birmingham Live, Nick Wiles, CEO of PayPoint, said: “Our leading retail network provides a vast range of essential services at the heart of communities across the UK, for everything from banking, utility, parcel, cash and Government services.
“The ability of Lloyds customers to make cash deposits into their accounts at over 30,000 PayPoint locations will deliver more convenience and access for customers close to where they live.”
Lloyds is not the only bank that is investing more heavily in its banking app to make their customers’ experience more convenient and even safer. As part of a new app update, Santander launched a service offering users blurring protection after a recent report found £1.8 million was lost from customers just last year.
As part of its most recent update to its OneApp banking app, Santander’s new technology automatically blurs a person’s mobile screen and averts users from performing any banking where screen sharing is detected on their device.
That said, mobile banking apps lend themselves to a small measure of instability. This past July, Lloyds Bank customers experienced issues using the banking app when the group was hit by a major outage.
Many customers complained they could not access the banking app or complained their screen was freezing. Lloyds said at the time that the app was working as usual although some customers were facing delays in logging on. However, the issues appear to have continued for several days later for some people.