U Account launches cash pay-in for its 50,000 current account customers
UAccount.uk – the UK’s first ‘unbank’ – is a current account aimed specifically at those who want or need an alternative to the banks. The smartphone-based account is the UK market leader in digital non-bank current account services, integrating banking services such as direct debits and Faster Payments with contactless technology for its prepaid debit Mastercard® card, and now – PayPoint. U does not offer overdrafts, but instead delivers a service designed to allow customers to manage their budget and set money aside for bills.
The U Account is an evolution of the successful prepaid account, Ffrees, which has continued to serve customers who value the option to deposit cash into their accounts using PayPoint – a facility which, until today, has not been available on the U Account. With the development of cash pay-in for the U Account, Ffrees-to-U migration is expected, with customers seizing the opportunity to benefit from the more advanced U Account.
Alex Letts (CEO and Chief ‘Unbanking’ Officer at U Account) says:
“Our mission is to support the efforts of our account holders to improve and maintain their financial wellbeing. Building PayPoint into our service is an essential piece of this equation: users have easy access to 29,000 terminals where they can pay in cash, as opposed to needing to catch a bus or drive miles to one of the few remaining bank branches! It’s about being a help and not a hindrance to people, giving them more options, and more control.”