UK: PayPoint restructures to focus on multi-channel strategy

Wednesday 28 May 2014 10:08 CET | News

PayPoint, a UK-based payment solutions provider, will implement 3 new developments to improve multi-channel payment solutions for retailers.

PayPoint has merged its internet payment and mobile payment businesses, which were previously known as and PayByPhone, respectively. The new business will be called PayPoint Mobile and Online, and it will combine PayPoint’s know-how in online payments with consumer insight taken from PayByPhone. The solutions that will be provided through the new business will cover the entire end-to-end transaction. The new business has 7 million customer registrations for its mobile services and handles nearly GBP 5 billion in consumer payments annually.

Another development will be to use PayPoint Mobile and Online to implement a series of multi-channel payment options. The new Mobile and Online business will incorporate already established retail networks, which comprise 36,000 retailers across the UK, Ireland and Romania who are able to offer cash payments via PayPoint and enable them to offer customers the option to pay via mobile, online or in-store seamlessly.

PayPoint commissioned the Centre for Economics and Business Research (CEBR) to do research about consumers’ payment preference. The report found that consumers are increasingly demanding a more varied choice of payment methods, and that non-card, non-cash payments (mobile payments) are set to grow from 9.3% of all retail transactions to 19.6% by 2019. According to statistics, 1/3 of people between 18 and 30 have bought goods and services via their mobiles in response to offers or advertisements, and 1/5 of consumers over 55 agreed they would make purchases via their mobiles as well. PayPoint will also re-brand in order to reflect the new emphasis that will be placed on its multi-channel payment efforts.

PayPoint handles 760 million transactions and processes GBP 14 billion in transactions annually. It handles online credit and debit payments for over 5,100 e-tailers. PayByPhone has 7 million registered users.

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Keywords: UK, PayPoint, multi-channel, developments, online payments, mobile, online, debit payment
Categories: Payments & Commerce
Countries: World
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