Lloyds TSB has been announced as the bank that’ll be behind mobile payments on the forthcoming Samsung Olympic and Paralympic Games mobile phone. It means that the NFC-equipped handsets given to Visa-sponsored athletes will be linked to Lloyds TSB accounts.
To make payments, customers will select the Visa mobile contactless application, tap ‘pay’ and hold the phone in front of a contactless reader at the point of purchase.
Mike Regnier, Director of Personal Current Accounts at Lloyds TSB, said “The future of payments is changing and Lloyds TSB will be key in transforming the way consumers make purchases, through the launch of mobile payments. Embracing digital innovation is part of our strategy in helping our customers access pioneering products and services. We are delighted to be working with Visa at such an exciting time. The launch of mobile contactless payments will revolutionise the way people pay in the run up to, during, and beyond the Games."
The news also signals the start of Lloyds TSB’s mobile contactless payments programme for consumers. The bank is running an internal pilot scheme this month, which will be followed by a commercial launch linked to prepaid accounts later this year.