allpay welcomes decision by the UK government in allocation of £500m to help vulnerable households
Top fintech allpay Limited welcomes the decision by the UK government to allocate £500m to Local Authorities in England to help support vulnerable households pay for daily essentials.
Looking back at the challenges faced by tenants throughout the last 18months, companies like allpay must prove their worth by stepping in to help ensure the real value of this fund is realised.
Tony Killeen, CEO of allpay says “In the UK alone, key pre-pandemic assessments of financial exclusion were stark in showing an estimated 1.3m adults lack a bank account and 3.1m adults possessing one or more high-cost loans charging more than high street banks.
It’s too easy, if not dismissive, to set those effectively paying what amounts to a poverty premium against the estimated 97% of UK adults holding an account they can use to make day-to-day payments and transactions – a current account in around 96% of cases.”
Having built allpay on foundations created by partnerships with the Post Office and PayPoint networks, allpay have taken the initiative to strengthen their offering to those who rely on cash payments, most recently leveraging new partners adding additional outlets across the UK increasing their total to over 52,000 locations.
The addition of Payout and Payout Now earlier this year provides its clients with a way to distribute cash via a unique barcode with tenants able to claim payments directly from their local authority at one of 11,500 Post Office branches.
Other opportunities that have taken off during the last 18months is allpay’s award winning prepaid solution. Following research carried out by The New Local Government Network in July 2020, Council leaders, chief executives and council mayors across the UK were surveyed in their preparation for a pandemic. 74% said they weren’t receiving enough support from the government. allpay saw a shift in Local authorities across the UK looking to use its prepaid solution to disburse emergency payments as a contingency.
As an authorised e-money issuer, allpay’s prepaid solution offers a secure, socially inclusive payment option for those in need with the added benefit of being reloadable, as well as the opportunity to allow standard merchant category code blocks to ensure spend is managed appropriately.