UK-headquartered Lloyds TSB has been confirmed
as the partner of cards issuer Visa and mobile phone provider
Samsung to offer contactless payments during the 2012 Olympic
games.

Visa-sponsored athletes will receive
contactless-enabled mobile handsets along with a SIM card that
supports Visa’s contactless technology, PayWave.

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The handsets will be linked to Lloyds TSB
accounts.

The confirmation of Lloyds TSB’s partnership
with Visa and Samsung is part of the bank’s transformation and move
into the contactless payments space.

 

Lloyds pushes innovation

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Lloyds TSB is pushing innovation and
launched a personal finance management tool, Money Manager, for
its online banking customers in January.

The launch of Money Manager came less than two
weeks after
Money Dashboard launched the first UK-based PFM tool on 19
January .

Lloyds TSB said in January that its Money
Manager tool would play an increasingly important role for its
online customers in the future.

In March,
Lloyds Banking Group renewed its contract with turnkey solutions
provider Parseq to deploy the vendor’s debit and credit
processing software.

The multi-million pound deal, signed for three
years,  will extend to the Halifax and  Bank of
Scotland brands within Lloyds Banking Group.

 

Good timing after returning to the black

The partnership with Visa and Samsung and its
ongoing strive to be innovative is good timing for the group, who
returned to the black with a pre-tax profit for fiscal 2010 of
£2.2m ($3.5m), compared with a loss of £6.3m loss in 2009.

Profit before tax at the bank’s retail banking
business more than tripled from the previous year, from £1.4bn in
2009 to 4.7bn in 2010.

Retail banking net interest income increased
18% year-on-year to £9.4bn.

Retail deposits were up 5% year-on-year to
£235bn.