back Back

Lloyds Bank rolls out Trusted Person Card feature amidst lockdown

By Megha Bhattacharya

November 19, 2020

  • Europe
  • Lloyds Bank
Share

lloyds bankLloyds Bank announced the launch of a new Trusted Person Card. The new feature aims to enable the vulnerable consumers to purchase groceries and essential goods during the lockdown. The card will enable a trusted person to make purchases in shops, or withdraw cash, for the account holder, without sharing the primary card or other confidential account details.

Philip Robinson, Director of Personal Current Accounts, Lloyds Bank said, “We understand that for some, getting out and about isn’t always straightforward, and lockdown and shielding restrictions mean that many of our customers are relying on others to help them with groceries and picking up essentials. We’ve developed the Trusted Person Card to make sure that there is a straightforward and, crucially, secure way to ask family, friends and carers for help.”

According to Lloyds, all transactions made using the card will be shown on the customer’s bank statement. It has a weekly spending limit of £100 and a weekly cash withdrawal limit of £100 and is not available for pruchases made online, abroad or over the phone. The card will have a different card number and PIN to the customer’s existing debit card.

The new card will be made available to the most vulnerable customers of Lloyds Bank, Halifax and Bank of Scotland and is a secondary card, attached to the customer’s main current account.

Recently, Lloyds Bank announced that it has teamed up with working capital FinTech Demica in a bid to offer a new supply chain finance platform for the UK businesses and supply chains. The new Open Account Platform is expected to offer supplier finance and receivables purchase to Lloyds Bank customers through a single online portal, thus helping UK businesses and their suppliers optimise working capital.

Previous Article

November 19, 2020

Future FinTech appoints Yang Liu as Chief Operation Officer

Read More
Next Article

November 19, 2020

GLEIF welcomes J.P. Morgan as the first Validation Agent in the Global LEI System

Read More






IBSi Daily News Analysis

UAE, money transfer

May 23, 2024

Europe

By 2034, the digital remittance market is expected to reach $83.2bn, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

May 24, 2024

PPRO and Afterpay team to bring BNPL solution to US consumers

Read More

May 24, 2024

Boodil launches innovative Travel Payments Platform

Read More

May 24, 2024

heymax & Visa team to simplify Credit Card rewards experience

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023