Lloyds Banking Group expands card and payments partnership with Visa in the UK
Lloyds Banking Group has expanded its long-standing partnership with Visa by naming the payment network as its leading scheme provider for its Lloyds Bank, Halifax, Bank of Scotland and MBNA brands in the UK.
Lloyds Banking Group expands Visa partnership
Through the partnership, the two firms plan to supply the brands with new products and services with a specific focus on serving customers’ “financial and lifestyle needs” and “enabling even greater use of Visa’s fraud prevention capabilities”, according to a statement.
Lloyds says Visa, which it has been in partnership with for the last 40 years, “will continue to provide all Lloyds Banking Group’s consumer and business debit cards, including over 30 million Visa credentials already in issue, as well as the majority of consumer and commercial credit cards”, with plans to migrate around 10 million more cards to Visa by the end of 2026.
Visa previously set out its ambition to “revolutionise the card” last month amid its ongoing £8 billion investment into technology, when it unveiled a string of new product developments, including the advent of a Payment Passkey Service and Visa Data Tokens.
Marc Lien, credit cards managing director at Lloyds Banking Group, says he expects the expanded partnership to generate “significant benefits to our customers”.
Latest developments in the group’s partnership strategy include its agreement with UK fintech ApTap in March to streamline mortgage management, and its alliance with US open source solutions provider Red Hat to support its adoption of InnerSource practices, announced last month.
