PayPoint benefits from mobile foray

City A.M. Reporter
PAYPOINT yesterday said its move into mobile phone payments had helped revenue rise seven per cent between March and July.

The firm, whose services include bill payment terminals and ATM machines, made net revenue of £26m from 29 March to 25 July after its takeover of PayByPhone, which allows motorists to pay for their parking by credit or debit card over their mobiles.

Bill payment, internet and retail services also grew in the period.

PayPoint said bill and general payment transactions were in line with its expectations.

In Romania, it processed more than three million bill payments, up more than 200 per cent.

Net cash as of 25 July fell to £6m from £15m on 28 March.

PayPoint is currently in a battle with lottery operator Camelot, which wants to give customers the chance to pay bills at their terminals.

The National Lottery Commission (NLC) has launched an investigation into Camelot’s plans and could block the move.

PayPoint has argued that Camelot’s move would be unfair on its rivals who are already in the payments business. The NLC has already blocked one Camelot plan.