Lloyds TSB has been announced as Visa’s
m-payments issuing partner for the Samsung Olympic and Paralympic
Games mobile handset initiative.
Under the agreement, the contactless-enabled
handsets, which will be given to all Visa-sponsored athletes, will
be linked to Lloyds TSB accounts.
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As a well as benefiting from speedier transaction
times, participants in the Samsung Olympic Mobile Phone programme
will have the ability to view their balance prior to, and after a
transaction, said to enable greater control and convenience.
“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,” said Mike Regnier, director
of personal current accounts for Lloyds TSB.
“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”
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By GlobalDataThe announcement signals the start of Lloyds
TSB’s broader mobile contactless payments programme for
consumers.
Lloyds TSB’s wider UK m-payments plan is
expected to be rolled out in a phased approach. The project start
with a large scale internal pilot using prepaid accounts in May
2011, followed by a commercial launch linked to prepaid accounts at
the end of the year. By 2012, the Samsung Olympic Mobile Phone for
Visa-sponsored athletes will have embedded payment capability,
making their m-payments dream a reality.
Visa and Lloyds TSB claim they are working with a
variety of industry players to ensure that m-payments work
seamlessly across different types of smartphones and mobile
networks.
