Lloyds and Monitise launch range of mobile payment products for small businesses

Partnership set to provide start-ups and entrepreneurs with increased access to mobile card devices

Lloyds Bank has partnered with the mobile payments provider Monitise to develop a series of mobile banking and card services to meet the “increased demand” from start-ups and small business owners.

Founded in 2003 by Steve Atkinson and Young Gun Alastair Lukies and listed on the Alternative Investments Market (AIM) since 2007, Monitise specialises in technology which enables its users to bank and complete transactions via a mobile device.

Launching in August, it’s claimed that the partnership will provide Lloyds’ commercial customers, especially its small businesses and merchants, with a fast and secure way to take payments using Monitise’s low-cost products.

The joint venture will also focus on creating additional mobile banking services and business solutions in the future.

Commenting on the announcement, Monitise’s group chief commercial officer, Lee Cameron said:

“Mobile point of service is changing the way businesses manage their money as payments go mobile. Market forecasts indicate that it’s going to shake up the payments industry as we know it, creating a fundamental shift in how banks service their customers.

“We are delighted to be working with Lloyds Bank to offer a suite of mobile card acceptance solutions to its Commercial Bank customers.”

Aidene Walsh, managing director of cards and transaction banking at Lloyds added:

“We will offer the technology to sole traders and micro merchants and we hope it will open up new trading opportunities for businesses up and down the country, reduce their costs, and help drive growth for each and every one of our customers.”

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