Since April 2013 PayPoint have enabled Local Authorities to make emergency payments to vulnerable UK citizens. These take the form of a barcoded voucher, issued immediately and redeemed for cash or energy credit at any of PayPoint’s 28,000 retailers.
The advantage to the Local Authority is considerable savings over issuing cheques, and for the citizen, immediate access to funds without the need for a bank account. PayPoint retailers also benefit as this process recycles cash from their tills into the local economy, helping them reduce bank charges. i-movo’s role in this is to provide the platform that issues and redeems these vouchers.
The success of the scheme has been considerable, winning many awards for PayPoint and is now used by 85 Local Authorities, processing up to £80,000 of transactions every day. However it is not only Local Authorities that need a cost-effective alternative payment process to cheques, so look out for further developments in this field as these services are made available to commercial organisations who may also benefit from this service.