Lloyds' mobile banking app integrated with Link Pay feature

By introducing the new Link Pay feature into the mobile banking app, Lloyds intends to enable its customers to send a request for funds to friends and family, regardless of who they bank with in the UK. Link Pay provides the option to create a secure link or a QR code, mitigating the need for offering individuals personal account details. The feature then sends the request to the other person, with Lloyds customers having the ability to choose between WhatsApp, SMS, or Facebook Messenger to forward the link.

The current news comes shortly after Lloyds and Visa renewed and expanded their partnership in the UK, with the latter becoming the scheme provider for Lloyds Banking Group’s Lloyds Bank, Halifax, Bank of Scotland, and MBNA brands. In addition, the two organisations planned to launch a range of products and services across the Group’s brands, with the solutions intending to support customers in managing their financial and lifestyle needs.

Simplifying how customers request money back

Customers can leverage Link Pay to request money back from friends and family including for shared purchases such as restaurant bills or joint presents. The capability enables Lloyds customers to tailor the request with a certain amount and a reference, which in turn makes it clear and concise for the person receiving the request. At the same time, Link Pay intends to provide the person making the payment with an augmented experience, as it eliminates the need to set up a new payee. The link pre-populates all the details required for the recipient and allows the sender to pick their bank account and open their banking app, utilising Open Banking, to complete the transaction.

When commenting on the announcement, representatives from Lloyds underlined their organisation’s commitment to offering customers simplified, yet secure options to move money. The newly introduced Link Pay feature in its app intends to support them in achieving this, as they do not need to provide a sort code and an account number someone owns them money.