Lloyds and Visa renew and expand 40-year partnership

Visa will become the leading scheme provider for Lloyds Banking Group’s Lloyds Bank, Halifax, Bank of Scotland, and MBNA brands. As part of the partnership, Lloyds Banking Group and Visa plan to introduce a range of products and services across the Group’s brands. These offerings aim to assist customers in managing their financial and lifestyle needs, with enhanced use of Visa’s fraud prevention capabilities.

Visa will continue to supply all consumer and business debit cards for Lloyds Banking Group, which currently includes over 30 million Visa credentials. Additionally, the majority of consumer and commercial credit cards, totaling around 10 million, will transition to Visa by the end of 2026.

Lloyds Banking Group is one of the largest UK retail and commercial financial services providers, serving approximately 27 million customers. The Group’s main activities include retail and commercial banking, general insurance, and long-term savings through brands such as Lloyds Bank, Halifax, Bank of Scotland, and Scottish Widows. The Group's purpose is to contribute to Britain's prosperity by operating as a responsible, sustainable, and inclusive organization.

Visa is a global player in digital payments, facilitating transactions across more than 200 countries and territories. Visa's mission is to provide a secure and reliable payments network, supporting individuals, businesses, and economies. The company emphasizes inclusive economic growth and access to financial services as key components of its strategy.

Lloyds and PayPoint

Lloyds has also recently formed a partnership with British payments company PayPoint Group to become its primary card acquiring partner.

PayPoint announced on 20 March 2024 that this expanded collaboration is expected to be fully operational in the third quarter of the year. The agreement involves a significant investment in Lloyds' card payments division, Cardnet. The partnership aims to provide merchants with enhanced banking and card services, including card payments and a 12-month fee-free Lloyds business account, among other benefits. This initiative is designed to improve support for PayPoint's small business and retailer customers.