Lloyds Bank Launches QR Code to Simplify Money Requests

On October 25, 2024, Lloyds Bank unveiled a new payment feature called Link Pay, aimed at enhancing the convenience of financial transactions among its customers in the United Kingdom. This service allows users to request money from friends and family by simply displaying a QR code, thus eliminating the need for traditional banking details like sort codes and account numbers. By integrating this feature into its mobile banking app, Lloyds enables users to facilitate payments efficiently and securely in social settings. Link Pay is particularly beneficial when individuals are together, such as when sharing expenses for meals or gifts, enabling a seamless exchange of funds. By scanning the displayed QR code, the payer can be directed to a secure link where they can complete the transaction easily. This method not only enhances user privacy by not requiring personal banking details but also provides a more user-friendly payment experience compared to conventional methods. Moreover, customers initiating payment requests can personalize their requests by specifying the amount owed and adding a reference for clarity. They can choose to send these requests through various messaging platforms, including text messages, WhatsApp, or Facebook Messenger. Importantly, the service supports payments from users of any bank, fostering inclusivity and convenience. The introduction of Link Pay aligns with Lloyds Banking Group's commitment to leveraging technology to improve customer experience and simplify daily financial interactions. The feature is planned to extend to Halifax and Bank of Scotland mobile banking apps, further broadening its reach within the group.