PayPoint to sell parking and online payment firms

Bill payments firm PayPoint said it would sell its parking and online payment processing companies to focus on its retail services businesses in the U.K., Ireland and Romania. Chief Executive Dominic Taylor said PayByPhone, which lets users pay for parking and tolls, was one of the companies to be sold. Taylor said PayPoint had received interest from "all parts of the industry." The two companies accounted for 12 percent of PayPoint's net revenue last year, Taylor said, adding the online payment company was profitable, while PayByPhone was not. PayPoint, which provides payments and value added services to utility, transport and retail companies, reported a 8.3 percent rise in net revenue to 123.1 million pounds ($189 million) for the year ended March 31, 2015. PayPoint's strategy after the sale will be to provide a multi-channel payment solution in the U.K., Ireland and Romania, where the company has retail businesses, Taylor said. Retailers such as Tesco Express, Spar and Asda use PayPoint's technology.