Lloyds has partnered with hospitality technology specialist Lolly to launch a Pay by Bank system for self-service kiosks.
This system allows customers to make direct, secure bank-to-bank payments from kiosks, eliminating the need for card transactions and facilitating instant settlement for businesses. Customers simply select ‘Pay by Bank’ at checkout, scan a QR code, and complete the payment using their mobile banking app. Funds are transferred directly to the retailer’s account in real time, resulting in faster transactions and lower processing fees, according to Lolly.
Mark Prayel, from Lloyds’ product and platform embedded payments team, stated, “We’ve had a lot of fun trialling Pay by Bank in our own head office cafeteria with colleagues, and we’re looking forward to seeing how this innovation evolves across the wider hospitality and retail space.”