The Post Office has bought Payzone’s Bill Payments transaction business.
The move means the Post Office will acquire an additional network of around 13,000 payment outlets, along with Payzone’s bill payment technology.
The acquisition is subject to approval by the Competition and Markets Authority and is expected to be completed later this year. When it does, Payzone will focus on its Card Payments business.
Debbie Smith, Post Office Retail Chief Executive, commented: “This is an exciting move for the Post Office. Bill payments has always been a core part of our business, allowing customers to pay a wide range of bills, including phone, gas and electricity in their local Post Office.
“We operate in fast-paced, commercial markets and this acquisition will give us the opportunity and improved ability to compete for more, and bigger, bill payments contracts.”
Clive Kahn, CEO of Payzone added: “Our outlets will complement and strengthen the Post Office’s existing branch network meaning customers will have more access to a wider range of over-the-counter bill payment services.
“For our employees this is also good news, as it places the business at the heart of the Post Office’s strategy for reaching further into local communities. I’m certain that the Payzone bill payments network will develop and flourish in the Post Office’s capable hands.”