Lloyds Banking Group Expands Visa Partnership
Visa has become Lloyds Banking Group’s preferred scheme partner after the leading UK bank selected Visa to provide debit and credit cardholders with new innovative products and services, to help them best manage their financial lives.
Per the deal, consumer and commercial customers of Lloyds Bank, as well as other banks under its umbrella – Halifax, Bank of Scotland and MBNA all included – will receive Visa credit and Visa debit cards.
Visa & Lloyds: Expanding on a 40-year relationship
The expanded partnership between Lloyds and Visa extends a 40-year UK relationship.
As its preferred scheme partner, Visa will work with Lloyds to launch a series of market-leading, innovative products and services across the Lloyds Banking Group portfolio of banks – helping customers best manage their financial and lifestyle needs.
The expanded partnership will also see the use of Visa’s fraud prevention capabilities grow in use by banks under the Lloyds umbrella.
In addition, Visa will continue to provide all Lloyds Banking Group’s consumer and business debit cards, including over 30 million Visa credentials already in issue, alongside the majority of consumer and commercial credit cards – with an anticipated 10 million cards migrating to Visa by the end of 2026.
Marc Lien, Credit Cards Managing Director at Lloyds Banking Group says: “Our expanded partnership with Visa brings significant benefits to our customers, offering a seamless way to make payments, in addition to a range of upcoming innovative new products and services. We look forward to sharing the details of these with customers in the future.”
Mandy Lamb, Managing Director, UK & Ireland at Visa, adds: "We’re excited to take our long-standing partnership with Lloyds Banking Group to the next level, building on 40 years working together, delivering solutions that customers use and love.
“Together we’ll be enhancing the experience for debit card users, whilst launching innovative new products and services for credit card users too.
“All Visa’s products and services are underpinned by our global commitment to be the best way to pay and be paid, supported by our market-leading £8bn investment in technology over the past five years and our market-leading fraud-fighting solutions, meaning fraud levels remain negligible on cards.”
Lloyds Banking Group: Leaping into a technological future
By expanding its Visa partnership, Lloyds is taking another stride to meet the growing consumer demand for technology-led products and services.
Its recent partnership with Red Hat has seen it scale its use of open source technology, as it adopted InnerSource practices to transform how the bank’s engineering teams operate.
These back-end innovations are all for the benefit of the Lloyds customer on the front end.
Indeed, the banks’ ‘Help Britain Prosper’ mission includes maximising emerging technologies and data-driven tools for the consumer’s benefit. The mission also represents the bank’s commitment to achieving sustainable growth by driving revenue diversification and strengthening cost and capital efficiency.
This effort saw Lloyds Bank named one of FinTech Magazine’s Top 10 banks in the UK.
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