Lloyds Bank Commercial Banking has teamed up with Monitise to create a range of mobile card acceptance solutions for micro-merchants, startups and small business owners, reported Internet Retailing. This partnership will mark Lloyds as the first UK bank to take part in the mPOS market.
Monitise differs from other competitors in the mPOS market because it pitches its white label system to banks instead of retailers. Lloyds and Monitise will work together to launch a suite of mobile card acceptance services that are set to launch in Autumn 2013.
"There are more than 3.5 million sole traders in the UK who are missing out at the moment because they do not have access to existing mobile payments technology and we want to plug that gap with a service that is low cost and easy to use," stated Aidene Walsh, managing director for transaction banking at Lloyds.
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