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Lloyds to Transfer 10 Million Cards to Visa

The majority of consumer and commercial credit cards will migrate to Visa by 2026

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  • Written by  Banking Exchange staff
 
 
Lloyds to Transfer 10 Million Cards to Visa

Approximately 10 million Lloyds Bank Group credit cards will transition from Mastercard to Visa over the next two years, as part of a newly secured agreement between the two companies.

The two companies have renewed and expanded their agreement to make Visa the leading scheme provider for Lloyds’ brands, including Lloyds Bank, Halifax, Bank of Scotland and MBNA.

The companies have worked together for 40 years, and Visa currently supplies over 30 million Lloyds customers with consumer and business debit cards.

However, many other Lloyds customers currently use debit and credit cards provided by Mastercard. As part of the new agreement, the majority of customers with consumer and commercial credit cards will migrate to Visa by the end of 2026.

Customers who currently possess a Lloyds credit card that is provided by Mastercard do not need to obtain a new card immediately as their existing card will continue to work as usual.

The new deal aims to provide debit and credit cardholders with new innovative products and services to improve fraud prevention and help customers manage their financial lives. Marc Lien, credit cards managing director at Lloyds Banking Group, said: “Our expanded partnership with Visa brings significant benefits to our customers, offering a seamless way to make payments, in addition to a range of upcoming innovative new products and services.”

In March, Mastercard and Visa settled an anti-trust case that was filed almost 20 years ago and agreed to lower swipe fees for businesses.

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