Lloyds Bank Commercial Banking arm to roll out mobile card acceptance
Lloyds Bank Commercial Banking is to develop a suite of mobile card acceptance solutions aimed at small retailers and business owners.
The brand has announced a partnership with Monitise, which will see the release of the mobile point of sale (mPOS) payment products, while also intending to offer additional banking services and businesses solutions.
Aidene Walsh, managing director of cards and transaction banking for Lloyds Bank described the partnership with Monitise as one that would see many new opportunities opened up between Lloyds and small businesses.
“There are more than 3.5 million sole traders in the UK who are missing out at the moment because they do not have access to existing mobile payments technology and we want to plug that gap with a service that is low cost and easy to use,” he added. “We will offer the technology to sole traders and micro merchants and we hope it will open up new trading opportunities for businesses up and down the country, reduce their costs, and help drive growth for each and every one of our customers. This solution will also be the basis for a number of broader mobile banking initiatives which Lloyds are actively developing for our clients.”
The service is expected to be implemented from Autumn later this year.