Troubled electronic payment provider Payzone has secured a three-year contract to supply stores owned by Bestway Cash & Carry retailers across the UK.

As part of the deal, Payzone will offer utility bill payments, mobile top-ups and gift cards to Best-One and Best-In stores, as well as 53 cash & carry depots.

Around 500 Bestway stores would have Payzone terminals by July next year, generating up to 500,000 new annual transactions, Payzone said.

"We are taking significant market share as wholesalers and retailers alike recognise Payzone's ability to provide the best cash-collection terms, with the highest margin services, without constraining retailers with exclusivity agreements," said Paul Charmatz, managing director of Payzone UK.

Sikander Abbas, corporate negotiator for Bestway, said: "Payzone's highly competitive margin and generous cash-collection terms, combined with its excellent range of consumer services make it an ideal partner."