PayPoint has signed a partnership with leading UK challenger bank Tide that will enable its customers to deposit cash directly into their Tide accounts at any of PayPoint’s 29,000 retailers nationwide. The strategic deal gives the digital bank access to a network larger than all banks, post offices and supermarkets combined.
Launched in January 2017, Tide is the UK’s only digital banking service focused exclusively on small businesses. It is already helping 30,000 business customers save time on banking and making their lives easier. The integration with PayPoint’s deposit solution means that Tide’s customers now have more control of when and where they can add funds to their account; beyond BACS or Faster Payments.
George Bevis, CEO at Tide, said: “We know that small businesses need to spend less time banking and more time pursuing their passion. We are constantly looking at new ways to improve their banking experience. For a digital-only bank, the extensive network of physical locations we can now access thanks to PayPoint’s network is hugely exciting.”
Lewis Alcraft, Commercial Director at PayPoint, said: “The partnership with Tide is significant as it offers its digital-only customers more choice and flexibility. With 99% of the UK population living within one mile of a PayPoint store in urban and five miles in rural areas, our network of stores is a convenient solution; no matter where in the UK they are. The partnership further underlines the important role that convenience retailers continue to play in providing vital services to their local communities.”