Lloyds Banking Group and Visa (NYSE: V) have announced the renewal and expansion of their 40-year partnership in the UK, as Visa becomes Lloyds Banking Group’s leading scheme provider for its Lloyds Bank, Halifax, Bank of Scotland and MBNA brands.
Under the partnership, Lloyds Banking Group and Visa plan “to launch a series of market-leading, innovative products and services across the Group’s brands to help customers best manage their financial and lifestyle needs with the agreement also enabling even greater use of Visa’s fraud prevention capabilities.”
Visa 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 around 10 million cards migrating to Visa by the end of 2026.”
Marc Lien, Credit Cards Managing Director at Lloyds Banking Group said:
“Our expanded partnership with Visa brings significant benefits to our customers, offering a seamless way to make payments, in addition to a range of upcoming innovative new products and services. We look forward to sharing the detail of these with customers in the future.”
Mandy Lamb, Managing Director, UK & Ireland at Visa, said:
“We’re excited to take our long-standing partnership with Lloyds Banking Group to the next level, building on 40-years working together, delivering solutions that customers use and love. Together we’ll be enhancing the experience for debit card users, whilst launching innovative new products and services for credit card users too. All Visa’s products and services are underpinned by our global commitment to be the best way to pay and be paid, supported by our market-leading £8 billion investment in technology over the past 5 years and our market-leading fraud fighting solutions, meaning fraud levels remain negligible on cards.”
As covered in April 2024, Lloyds Bank launched Ready-Made Pension in order to make saving for retirement easier.
Just two fifths (42%) of the UK population know “how to contribute more into their pension,” according to new research from Lloyds Bank.
The same study also found “that of those who have multiple pots, a quarter would not know where to start to combine multiple pension pots accrued throughout their working life.”
This research comes as, “for the first time, savers will be able to choose a simple pension product that is tailored to their needs through their existing banking app or internet banking.”
Ready-Made Pension is a digital-first product which “has been designed to make saving for retirement simpler, whether someone is combining multiple pensions or opening their first pot.”
