Lloyds Bank: banking group to move 10 million credit and debit cards to Visa - what that means for customers

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The two firms have also teased the launch of new products for credit card customers 🌍💳
  • Lloyds Banking Group will transition approximately 10 million cards to Visa's network by 2026
  • Visa renewed and expanded its agreement with Lloyds, becoming its primary payments provider
  • Visa already services around 30 million Lloyds accounts
  • Customers with Mastercard-powered Lloyds cards do not need immediate replacements
  • The partnership could introduce new products enhancing payment experiences and money management

Approximately 10 million Lloyds Banking Group cards will migrate to Visa's network within the next two years, due to a fresh agreement secured between the two firms.

The companies announced that they had renewed and expanded an existing agreement for Visa to be the leading payments provider for Lloyds, which also includes brands Halifax, Bank of Scotland and MBNA.

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Visa already provides payment cards for about 30 million Lloyds accounts - both for consumers and businesses - as part of a partnership first agreed 40 years ago. But many other Lloyds customers currently have debit and credit cards powered by Mastercard.

Visa and Mastercard are the UK’s biggest payments firms, accounting for 95% of transactions on UK cards.

So what does the news mean for customers, and will those who bank with Lloyds need to get a new debit or credit card? Here is everything you need to know.

What does it mean for customers?

(Photo: BEN STANSALL/AFP via Getty Images)(Photo: BEN STANSALL/AFP via Getty Images)
(Photo: BEN STANSALL/AFP via Getty Images) | AFP via Getty Images

The refreshed deal means that about 10 million consumer and commercial credit cards will gradually migrate to Visa by the end of 2026.

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If you currently have a Lloyds credit card that is powered by Mastercard, you will not immediately need to get a new card - your current Mastercard-powered Lloyds credit card will continue to work as usual.

Lloyds will handle the migration process, ensuring a smooth transition from Mastercard to Visa. You should receive communication from Lloyds closer to the time when your card will be migrated.

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.”

The two financial firms also teased the launch of new products for credit card customers to support their money management, with details set to be shared in the future.

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Mandy Lamb, Managing Director, UK & Ireland at Visa, said: "Together we’ll be enhancing the experience for debit card users, whilst launching innovative new products and services for credit card users too.”

The UK payments watchdog last month said Visa and Mastercard do not face enough competition in the payments market, and it was considering placing new rules on the two major players.

But the Payment Systems Regulator rowed back on prior suggestions that it could introduce a price cap to protect UK businesses from certain fees that are set by the providers.

What are your thoughts on Lloyds Banking Group's move to transition millions of cards to Visa? Do you have concerns or questions about how this change will affect you as a customer? Join the conversation in the comments section and share your insights.

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