Lloyds Bank, one of the largest banks in the United Kingdom, has recently introduced a new payment service that aims to make transactions easier and more convenient for its customers. The service, called Pay Your Contacts, allows customers to send money to anyone in their contact list using just their mobile phone number.
Here’s everything you need to know about this new payment service:
How does it work?
To use Pay Your Contacts, customers need to have the Lloyds Bank mobile banking app installed on their smartphone. They can then select the person they want to send money to from their contact list and enter the amount they wish to transfer. The recipient will receive a text message with instructions on how to claim the money.
Is it secure?
Lloyds Bank has implemented several security measures to ensure that Pay Your Contacts is safe and secure. Customers need to enter a unique six-digit code every time they use the service, and the bank uses advanced encryption technology to protect all transactions.
What are the fees?
Pay Your Contacts is completely free for Lloyds Bank customers to use. However, if the recipient is not a Lloyds Bank customer, they may be charged a fee by their own bank for receiving the payment.
What are the limits?
There are limits on how much money customers can send using Pay Your Contacts. The daily limit is £500, and the weekly limit is £1,000. Customers can also only send money to people who are registered with the service.
What are the benefits?
Pay Your Contacts offers several benefits for Lloyds Bank customers. It is a quick and easy way to send money to friends and family without having to exchange bank details. It also eliminates the need for cash or cheques, making transactions more convenient and secure.
Overall, Pay Your Contacts is a welcome addition to Lloyds Bank’s range of services. It offers a simple and secure way for customers to send money to anyone in their contact list, and is sure to be a popular choice for those who value convenience and ease of use.
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