Paypoint operates a network of 11,000 cash payment terminals that allow you to pay utility bills, renew television licences, or top up a mobile phone in local convenience stores. The company’s proprietary software can read smart cards, swipe cards, barcodes and electricity keys. Payments are free, and retailers receive a commission for each transaction. In 2003 Paypoint terminals processed payments amounting to £1.7 billion on behalf of customers such as British Gas and BT. Sales at the Hertfordshire company have risen 75% a year from £16.5m in 2001 to £50.3m in 2003, when it was a private company. Paypoint floated on the London Stock Exchange on September 21 this year.
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