Published on October 26th, 2018 | by Sam Rose
Payzone Acquisition Finalised by Post Office
The Post Office have now acquired Payzone and their bill payment service after approvals from The Competition and Markets Authority (CMA).
Their acquisition will mean that 25,000 of Post Office’s current locations are now available to customers as another way to pay bills and use Payzone’s other financial services in-branch. From this, the Post Office will also now acquire an additional 13,000 of Payzone’s bill payment outlets and will be able to fully utilise Payzone bill payment technology.
Increasing Bill Payment Transactions
Post Office’s acquisition now presents a huge opportunity to capitalize on the growth of both Post Office and the Payzone networks. With over 500 million bill payment transactions across the UK last year, Debbie Smith, Retail Chief Executive at Post Office added her thoughts on Payzone joining the Post Office family.
“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.”
— Post Office News (@PostOfficeNews) 25 October 2018
Next Steps for Post Office and Payzone
Work will now commence on integrating the technology into Payzone’s outlets and Post Offices. It will allow customers to pay the same household bills at either a Payzone outlet or at Post Office branches located in the country to provide greater convenience and choice.