Chase has partnered with PayPoint to let UK customers deposit cash into their current accounts at more than 30,000 PayPoint locations.
Customers select ‘Pay in’ in the Chase app, choose the current account and enter the amount, and the app generates a barcode valid for 20 minutes. A cashier at a participating PayPoint location scans the barcode before the customer hands over the cash, and the customer receives a receipt. The money usually appears in the Chase account within ten minutes.
Deposit limits and coverage
Customers can deposit both notes and coins, with a minimum deposit of GBP 10. Deposits are capped at GBP 500 a month and GBP 6,000 a year, and there is no fee for using the service. It is available during the opening hours of individual PayPoint locations, some of which are open until midnight.
According to the companies, more than 99% of the UK population lives within one mile of a PayPoint store. The service combines Chase’s digital banking with the option to deposit notes and coins locally, reflecting what the companies describe as the continued importance of access to cash services in the UK.
Combining app banking with a retail network
Paridhi Rathore, Head of Payments at Chase, stated that the bank wants banking with Chase to fit around customers’ lives, giving them simple and convenient ways to manage their money. According to Rathore, the partnership combines the ease of managing money through the Chase app with the option to deposit cash locally when customers need to.
Anthony Sappor, Banking and Digital Engagement Director at PayPoint, stated that the partnership gives Chase customers a simple and secure way to deposit cash locally, making essential banking services easier to access in the communities where they live and work. Chase, the UK consumer bank of JPMorgan Chase, launched in September 2021 and serves more than three million customers, while UK-listed PayPoint operates a network of more than 30,000 convenience stores.
