Lloyds Bank Commercial Banking is to launch a new mobile point of sale (MPoS) service in Q3 2013 with Monitise that will offer small-to-medium sized enterprises (SMEs) and micro-merchants the chance to accept card payments on mobile devices, putting the bank up against competitors like Square, iZettle, Intuit and Barclays Pingit and Buyit apps.
The new launch will also offer a range of other mobile m-payment and banking solutions in the future says the partners.
Lloyds Bank and Monitise will unveil the suite of mobile payments products from Autumn 2013 onwards. With the number of UK private businesses increasing for the 12th consecutive year, reaching 4.8m at the start of 2012, according to an Enterprise Nation survey from last October entitled ‘How many small businesses are there?’, the MPoS marketplace could be a sweet spot for the partners to target, but they will by no means have it to themselves with PayPal Here and many others launching rival non-bank solutions in this space.
Commenting on the launch, Aidene Walsh, managing director for cards at Lloyds Bank’s transaction banking unit, was bullish however, saying that: “The 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.”
“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. We will offer the technology to sole traders and micro-merchants. 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 customers. This solution will also be the basis for a number of broader mobile banking initiatives which Lloyds are actively developing for our clients.”
According to Monitise’s group chief commercial officer, Lee Cameron, MPoS is changing the way businesses manage their money as more payments go mobile. “Market forecasts indicate that it’s going to shake up the payments industry as we know it,” he said, “creating a fundamental shift in how banks service their customers. We are delighted to be working with Lloyds Bank to offer a suite of mobile card acceptance solutions to its Commercial Bank customers. This is a validation of our strategy to invest in new mobile payments and commerce solutions and networks.”