PayPoint and Teya to launch new service

The service allows customers to add funds directly into their business accounts using a simple process initiated via the Teya App. By generating a unique barcode through the app, customers can bring cash to any PayPoint store, where the barcode is scanned to complete the transaction.

This service aims to improve the Teya Business Account offering by providing a convenient option for cash deposits at locations close to customers' premises. It addresses the growing need for accessible cash services amid widespread bank branch closures. By leveraging PayPoint’s extensive network, Teya customers can benefit from increased accessibility to manage their cash securely, supporting the operational needs of local businesses and entrepreneurs across the UK.

Importance of cash handling for SMEs

The partnership between PayPoint and Teya underscores a growing trend in the financial services sector: the integration of technology to improve customer convenience and simplify operations. As digital transformation reshapes the financial landscape, companies are increasingly leveraging technological solutions to meet evolving customer demands. By offering a service that allows Teya Business Account holders to deposit cash using a mobile app, PayPoint and Teya are aligning with this trend, providing a modern alternative to traditional bank transactions. This integration of mobile technology with physical retail points not only betters customer convenience by allowing cash deposits close to their business locations but also increases the security and efficiency of transactions, reducing the need for time-consuming visits to bank branches.

This partnership reflects the broader movement towards digitisation in financial services, where technology is used to improve customer experiences and optimise operations. By adopting solutions like mobile-enabled cash deposits, PayPoint and Teya are demonstrating how traditional financial tasks can be modernised to meet the needs of today's businesses. This shift is particularly relevant in a market environment where physical bank branches are becoming less prevalent, making technology-driven solutions crucial for maintaining accessible financial services.