U Account has launched a cash pay-in service for its 50,000 current account customers.
UAccount.uk – from the UK’s first ‘unbank’ – is a current account aimed specifically at those who want, or need an alternative to the banks.
The smartphone-based account claims to be the UK market leader in digital non-bank current account services, integrating banking services such as direct debits and Faster Payments with contactless technology for its prepaid debit Mastercard card. U does not offer overdrafts, but instead delivers a service designed to allow customers to manage their budget and set money aside for bills.
* U has integrated PayPoint as part of its advanced technology solution, allowing customers to pay cash into their accounts;
* account holders can now pay in up to 250 GBP in cash in one single transaction at any of 29,000 participating retailers in the UK;
* 99% of the UK population live within 1 mile of a PayPoint store in urban areas, and five miles in rural areas;
* PayPoint integration is a significant development for U Account holders, who have previously added funds via BACS or Faster Payments;
* the new service is being made available immediately to existing and new customers, and to Ffrees customers looking to transfer to U Account.
The U Account is an evolution of the prepaid account, Ffrees, which has continued to serve customers who value the option to deposit cash into their accounts using PayPoint – a facility which, until today, has not been available on the U Account. With the development of cash pay-in for the U Account, Ffrees-to-U migration is expected, with customers taking the opportunity to benefit from the more advanced U Account.
Alex Letts (CEO and Chief ‘Unbanking’ Officer at U Account) said: “Our mission is to support the efforts of our account holders to improve and maintain their financial wellbeing. Building PayPoint into our service is an essential piece of this equation: users have easy access to 29,000 terminals where they can pay in cash, as opposed to needing to catch a bus or drive miles to one of the few remaining bank branches! It’s about being a help and not a hindrance to people, giving them more options, and more control.”