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

Lloyds Banking Group and Visa Partnership Expansion

Key Highlights:

  1. Partnership Focus:
    • New products and services to cater to customers’ “financial and lifestyle needs”.
    • Enhanced use of Visa’s fraud prevention capabilities.
  2. 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.
  3. Visa’s Technology Investment:
    • Part of Visa’s £8 billion technology investment.
    • Introduction of Payment Passkey Service and Visa Data Tokens.
  4. Statements:
    • Marc Lien, managing director at Lloyds, anticipates significant customer benefits from the expanded partnership.
  5. 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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