Paypoint, Lloyds Bank Expand Cardnet Partnership
By Elena Vardon
Paypoint said that Lloyds Bank's Cardnet will become its main card acquiring partner across its network as the groups expand their partnership.
Under the multi-year agreement, the U.K. payments company will offer banking and card services to merchants, which include card payments, a 12-month fee-free Lloyds Bank business account and a commercial card offering, it said on Wednesday.
The partnership is expected to launch fully in the third quarter of fiscal 2024 subject to regulatory approval and following a pilot period in the second quarter, the London-listed group said.
"Good execution of this partnership extension is another key element to the delivery of our overall business ambitions," Chief Executive Nick Wiles said, adding that it will also help meet its target of delivering GBP100 million ($127.2 million) in earnings before interest, taxes, depreciation and amortization by the end of fiscal 2026.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
March 20, 2024 03:37 ET (07:37 GMT)
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