The mobile PoS solution will allow merchants to accept credit and debit card payments through a mobile device, offering them an alternative to traditional cash transactions. Mobile money provider Monitise will create the software, which Lloyds will then use to target small business owners across the country.
According to Aidene Walsh, managing director of cards, Transaction Banking at Lloyds Bank, many businesses across the UK are missing out on potential sales due to limited access to mobile payments technology. A cheap, easy-to-use service by Lloyds hopes offer more technological opportunities to such businesses, who cannot necessarily afford similar other solutions.
Walsh said: "This partnership with Monitise will see Lloyds Bank use technology to open up many new opportunities for thousands of small businesses who want to trade on the move.
"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."