The Post Office has today been given the green light to complete its proposed takeover of bill payments provider Payzone.
The deal is set to complete next week after being waved through by the Competition and Markets Authority (CMA).
Bill payments are a key part of the current Post Office service across its 11,500 branches. The acquisition of Payzone will add an additional network of more than 13,000 Payzone bill payment outlets that are open more than 100 hours a week.
“We’re thrilled to welcome Payzone’s bill payments network into the wider Post Office group. Bill payments are a vital service for customers, particularly for many vulnerable or elderly customers and people who don’t have online access so rely on paying their bills over the counter,” said Post Office retail chief executive Debbie Smith.
“This deal allows us to more than double our bill payment network. Through our combined reach of 25,000 bill payment outlets we are now in an even stronger position to compete for new and bigger bill payment contracts, helping to bring in more customers for Post Office branches and Payzone retailers alike.”
Payzone Bill Payments is set to operate as a subsidiary of the Post Office, which said work will begin on integrating technology in both Payzone outlets and Post Offices, so customers will be able to pay the same bills at either.
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