PayPoint to roll out foreign exchange service to 500 stores after successful trials

PayPoint has confirmed plans to roll out eurochange foreign exchange services across 500 UK convenience stores this year.

The news comes after the firm revealed initial trials had taken place in January, in its trading update for the three months ending 31 December.

A spokesperson for PayPoint told Better Retailing earlier this year that retailers will receive 75p for every customer who scans and orders on the dedicated website from the promotional material in store.

There is also a chance for retailers to earn an extra 25p per package for every order collected, which is the same as a parcel transaction.

Customers will be able to click and collect more than 50 types of foreign currency for next day collection, as part of the service.

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eurochanges’ commercial director, David Warwick, said: “We are delighted to be teaming up with PayPoint. Consumers heading off on their travels can now order and collect their foreign currency while picking up groceries or morning newspaper.

“It will also be a very convenient service for stores. Retailers will receive pre-packed foreign currency rather than having to count it at the counter. Rates will be competitive, and the service will be supported by a dedicated eurochange customer prize draw, where people ordering travel money in store can ‘win back their travel money’ up to the value of £300.”

PayPoint’s retail propositions and partnerships director, Anthony Sappor, added: “Joining forces with eurochange fits perfectly with our longstanding commitment to diversifying our service and creating new opportunities to earn for our retailer partners.

“There is an expanding rand of vital community services being offered now via our platform and we look forward to expanding this further over the next 12 months.”

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