Post Office’s new acquisition creates 25,000 locations for customers to pay bills
The Competition and Markets Authority (CMA) have now approved the deal for the Post Office to acquire Payzone’s bill payment service.
The move means Post Office will acquire an additional network of more than 13,000 Payzone bill payment outlets open more than 100 hours a week, along with their bill payment technology.
Debbie Smith, Post Office Retail Chief Executive, commented: “We’re thrilled to welcome Payzone’s bill payments network into the wider Post Office group. Bill payments are a vital service for customers, particularly for many vulnerable or elderly customers and people who don’t have online access so rely on paying their bills over the counter.
“This deal allows us to more than double our bill payment network. Through our combined reach of 25,000 bill payment outlets we are now in an even stronger position to compete for new and bigger bill payment contracts, helping to bring in more customers for Post Office branches and Payzone retailers alike.”
With over 500 million bill payment transactions across the UK last year, it is a market which presents a strong growth opportunity for both the Post for both the Post Office and Payzone networks.