Paypoint plc (LON:PAY) announces that it has completed the acquisition of digital payments business RSM 2000 Ltd. The announcement about the completion of the deal is issued about two months after Paypoint said it had entered into an agreement to acquire RSM 2000.

PayPoint says it is well-placed to take advantage of the trends that have accelerated over the past year due to Covid-19, including the continued shift from cash to digital payments, and the acquisition of RSM 2000 reinforces that position. The UK Direct Debit market continues to expand, with over 4.5 billion payments with an overall value of £1,327 billion made in 2019. Direct Debits are used by 90% of the UK population to pay some or all of their regular bills.

The acquisition is set to significantly enhance PayPoint’s existing MultiPay digital payments portfolio: bringing Direct Debit capability in-house, adding innovative mobile payment products and enabling reach into new sectors, such as charities, not-for-profit and events. Their innovative EventPay solution provides card terminal hire and connectivity for SMEs attending shows and fayres across the UK – an opportunity of over 30,000 events a year with over 10,000 visitors.