LLOYDS BANK has been trialling new mobile banking technology that could bring and end to automated security calls and chip and pin readers.
The company announced that it has been experimenting with new technology called ‘tap to bank’ that allows owners of NFC-equipped Android smartphones to set up mobile banking by tapping a debit or credit card against the handset.
Lloyds said that this technology, which is being tested by 125 customers, could bring an end to tedious automated phone calls when it launches in the ‘coming months’, if the trial is well-received.
The firm added that tap to bank could also be used in the future for tasks such as authenticating new payments, perhaps sounding a death knell for chip and Pin readers.
Marc Lien, director of innovation and digital development at Lloyds, said: “With the widespread take up of contactless cards and most new smartphones now having NFC technology, this tap to bank trial is developing enhancements to banking processes that many people could benefit from.
“This is one of a raft of new technologies that we’re experimenting with to help our customers.”
Lloyds also has a new authentication method available to customers setting up certain requests through internet banking on a desktop PC. Customers can choose to log-in to the mobile banking app to verify their requests as an alternative to receiving a phone call to verify the process.
The tap to bank technology is currently limited to Android devices, but Lloyds has been quick to announce that the bank will support Apple Pay when it arrives in the UK.
In fact, the only bank that won’t support Apple Pay at launch is Barclays, which is instead focusing on its own mobile payments solutions.
If the latest reports are to be believed, Apple Pay could arrive as soon as next week. µ