PayPoint Plc and Lloyds Bank announced a major partnership expansion, which will see Lloyds Bank Cardnet become the main card acquiring partner across the PayPoint Group?s extensive network of over 60,000 SME and retailer partners. The expanded partnership, going into pilot in second quarter of fiscal year 2024/25, with a full launch expected in third quarter of fiscal year 2024/25 (subject to regulatory approval), will offer merchants a market-leading banking and card services proposition combining card payments, a 12-month fee-free Lloyds bank business account and a connected competitive commercial card offering. The enhanced proposition strengthens PayPoint Group?s market position, accelerates growth across merchant estates and delivers better tools, support and experience for its SME and retailer partners.

Additionally, the multi-year agreement will bring significant benefits to the PayPoint Group customer base, including earlier in the day settlement, a faster onboarding experience, a new merchant app, additional customer data and insights, and wider access to Lloyds? leading range of business banking and lending products. This will be supported by significant investment into the Lloyds Bank Cardnet business to enhance product development and data analytics for merchants.

The agreement extends to Northern Ireland as a new territory for the Handepay business, and additional revenue streams for the Merchant Rentals terminal lease business, as well as creating further growth opportunities for the PayPoint Group?s enhanced range of capabilities, including a merchant rewards scheme leveraging the Love2shop rewards and engagement platform.