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Lloyds Banking Group expands card and payments partnership with Visa in the UK | Fintech InShorts: Latest fintech news, analysis by experts

Lloyds Banking Group expands card and payments partnership with Visa in the UK

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Lloyds Banking Group expands card and payments partnership with Visa in the UK

June 26, 2024

Lloyds Banking Group and Visa Partnership Expansion

Key Highlights:

Partnership Focus:
- New products and services to cater to customers’ “financial and lifestyle needs”.
- Enhanced use of Visa’s fraud prevention capabilities.
Card Provision:
- Visa to continue providing consumer and business debit cards for Lloyds.
- Over 30 million Visa credentials already issued.
- Plans to migrate an additional 10 million cards to Visa by end of 2026.
Visa’s Technology Investment:
- Part of Visa’s £8 billion technology investment.
- Introduction of Payment Passkey Service and Visa Data Tokens.
Statements:
- Marc Lien, managing director at Lloyds, anticipates significant customer benefits from the expanded partnership.
Recent Developments in Lloyds’ Partnership Strategy:
- Agreement with UK fintech ApTap in March to streamline mortgage management.
- Alliance with US open-source solutions provider Red Hat to support InnerSource practices, announced last month.

Implications:

Customer Benefits: Enhanced product offerings and improved fraud prevention.
Strategic Growth: Strengthened long-term partnership with Visa.
Innovation: Leveraging new technologies and partnerships for better services.

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