PayPoint enjoys rapid growth with its shopping division leading the way

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PayPoint, the bill payment specialist, increased revenue by more than 20% in the last quarter of 2021 compared with the previous year.

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The Hertfordshire-based payment services provider said revenues in the last three months of the year, the company’s third financial quarter, rose to £29.6m from £24.4m the year before.

Nick Wiles, the chief executive, said: “The home delivery partnership with Snappy Shopper continues to grow, with more than 190 stores now live and over £1m of store sales since launch in July 2021; and our new Counter Cash solution is now live in more than 1,700 sites, providing vital access to cash in communities across the UK.”

The company’s shopping division had a particularly strong quarter, with revenue increasing by 58.5% to £14.5m compared with last year, partly driven by growth in the PayPoint One EPoS network.

The number of PayPoint One sites has now increased by 856 to 18,661 since the end of March and service fee revenue has risen by 12.6% to £4.2m compared with the same quarter in the last financial year.

The PayPoint counter cash service, which offers cashback without purchase, is now being used in more than 1,700 stores.

Cash machine services were operating at 3,774 sites at the end of 2021.