allpay, the largest reseller of the Post Office network, is set to increase its network offering to nearly 55,000 outlets, following the news that the Post Office is set to acquire retail network Payzone, subject to approval from the CMA.
allpay currently provides public and private sector clients access to nearly 40,000 outlets for their customers to pay their bills, reselling both the Post Office and PayPoint network to more than 800 organisations.
Post Office’s proposed acquisition of the Payzone network will enable allpay to offer its clients nearly 55,000 outlets nationwide for their customers to pay their bills.
The group, which provides its services to nearly 90% of the top 200 housing associations and nearly 50% of local authorities, said the proposed acquisition would boost the Post Office network, adding increased convenience and greater choice for customers.
Subject to the Competition and Markets Authority approval, the Post Office is hoping that the acquisition will be completed by the end of summer 2018.
The deal further demonstrates how the Post Office is modernising. Over the past five years, Post Office has invested in and modernised more than 7,500 branches, adding more than 200,000 opening hours across the network each week and making the in-branch experience better for customers.
allpay’s Managing Director Tony Killeen said: “The proposed Payzone acquisition builds on the Post Office’s modernisation programme to increase its convenience and reach and ensure it remains at the heart of communities across the UK.
“More than 13 billion cash payments were made in 2017 accounting for over a third of all payments – putting cash as the second most frequently used payment method behind debit card.*
“As the largest reseller of the network’s over-the-counter bill payment service, we see the proposed acquisition as a really positive step to increase the number of locations customers can pay their bills.”