Lloyds Bank Introduces QR Code Feature for Customers to Request Money from Friends and Family
Lloyds Bank has launched a new feature called Link Pay, allowing customers to conveniently request money back from friends or family members using a QR code. This innovative scheme eliminates the hassle of sharing sort codes and account numbers when seeking repayments, the bank announced.
With Link Pay, individuals can easily seek reimbursements for shared expenses like restaurant bills or joint gifts. Through the Lloyds mobile banking app, customers can send a payment request with a secure link or present a QR code to the owing parties, streamlining the process of exchanging funds without disclosing personal account details.
When both parties are present, the payer can simply scan the QR code displayed on the app, which will direct them to the payment link. Notably, individuals from any banking institution can make payments using this feature. The payment request can be sent via text message, WhatsApp or Facebook Messenger, providing flexibility to the users.
Gabby Collins, the payments director at Lloyds, highlighted the simplicity of Link Pay, emphasising that users no longer need to search for account details. By specifying the amount and purpose of the payment, customers can easily request funds without the need for the payer to set up a new payee. The secure link directs the payer to their banking app via open banking technology for a hassle-free transaction.
Customers can request amounts up to £150 per transaction, with a daily cap of £500. Link Pay is currently accessible through the Lloyds mobile banking app and will soon be integrated into the Halifax and Bank of Scotland apps, both part of the Lloyds Banking Group.
In conclusion, Lloyds Bank’s introduction of the Link Pay feature demonstrates a commitment to enhancing customer convenience and security in managing financial transactions within their network and beyond. The implementation of QR codes for requesting payments reflects a strategic move towards digitisation and user-friendly banking services.