Lloyds Banking Group has announced that its barcode cash deposit tool has seen customers pay in more than £3 million since its launch in August.

The company’s barcode deposit feature allows users to generate a barcode which is scanned at a PayPoint location.

The barcode is valid for two hours after activation in the app.

Customers can deposit up to £300 per day in notes and coins and £600 per month.

The company also said that alongside generating a barcode in the app, its customers now have the option to use their debit card to deposit notes and coins at over 3,000 PayPoint locations.

Customers can pay in up to £300 in each transaction using their debit card at a PayPoint location, with the money appears in accounts within minutes.

Lloyds said that 99.5 per cent of people live within one mile of a PayPoint location, with customers able to find their nearest in the Lloyds app or on the PayPoint website.

“We’re committed to making banking simple and convenient for customers, who have now paid in over £3 million at PayPoint locations, using our barcode deposit app feature,” said Gabby Collins, payments director at Lloyds. “Whether it’s through our app, or with a card, customers can pay in notes and coin at thousands of local PayPoint locations.

“We’re making it easy for people to manage their money, whenever and wherever it works for them.”

The launch of the deposit tool came after Lloyds announced last September plans to shutter an additional 55 bank branches across the UK, bringing the total number of closures planned by 2026 to nearly 300.

The move was part of a broader corporate restructuring aimed at reducing costs and encouraging customers to embrace digital banking services.

Lloyds reported a significant 55 per cent decline in transactions at the affected branches over the past five years, while usage of its mobile banking app has seen substantial growth.

---