Lloyds expands cash deposits

Lloyds adds a barcode based cash deposit option allowing up to £300 per day at PayPoint locations

Lloyds launches 300 cash deposits via barcode network

Lloyds Bank will roll out a new feature on August 26 that lets customers deposit cash using a barcode in the Lloyds banking app. The service lets users deposit up to £300 per day, with a monthly cap of £600, at more than 30,000 PayPoint locations across the country. The barcode is created in the Everyday section of the app and can be scanned at PayPoint stores, most of which operate seven days a week. The barcode remains valid for two hours, and deposits can be made in notes and coins.

The move supplements existing options such as Lloyds cash in and out machines, branches, and the Post Office network, including 11,500 Post Offices for basic banking transactions. The network reach means most customers are within a short distance of a PayPoint outlet, adding convenience for everyday errands like paying bills or topping up a mobile phone. The bank stresses that customers can still use branches and other channels if they prefer.

The feature shifts some routine cash activity away from branches toward a broad retail network. It broadens access for many customers who are near PayPoint sites and can save time during busy days. Yet the shift raises questions about security, transaction reliability, and privacy as deposits move through third party locations rather than directly through a bank counter. Lloyds must ensure the barcode payments are smooth during peak hours and that data handling remains robust. The development also tests the appetite of customers for digital cash deposits amid ongoing debates about the future of cash in everyday life.

Highlights

Time will tell how much this reshapes daily banking for customers who prefer cash