Lloyds has partnered with mobile point of sale (mPOS) firm Monitise to offer card acceptance systems to its small business customers.
The Monitise mPOS system enables firms to make transactions using a Chip&PIN card reader connecting to a mobile device such as a tablet, and is aimed at providing a quick way for the 3.5 million traders and small businesses in the UK to make card transactions. Lloyds will offer the mPOS systems to its UK customers from this Autumn.
"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," said Aidene Walsh, Managing Director Cards, Transaction Banking, Lloyds Bank.
Walsh added that the partnership is part of a wider drive to support use of mobile banking by Lloyds customers.
"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 customer," he said.
"This solution will also be the basis for a number of broader mobile banking initiatives which Lloyds are actively developing for our clients."
Lloyds is not the first bank to get in on the mPOS systems market, which has seen a number of firms attempting to establish themselves.
Santander recently announced a UK partnership with another mPOS vendor, iZettle, as well as investing €5 million in the Swedish firm.
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