Lloyds Banking Group has announced a new partnership with FinTech Bink.

The bank said that it would work with the UK-based company to change how customers of its retail brands are able to connect with retailers and their reward programmes.

Bink's technology links customer payment cards to retailer loyalty and customer engagement initiatives.

The loyalty solution will be introduced into Lloyds' digital channels for its retail banking customers later this year.

“We’re really excited about giving our customers easy access to their loyalty points and rewards through our partnership with Bink,” said Philip Robinson, Lloyds Banking Group payments director. “Linking payment and loyalty cards together means customers can significantly reduce the amount of plastic in their wallets, and it’s simple to manage all of the schemes through the mobile app or internet banking.”

Lloyds has also made an equity investment representing a minority stake in Bink.

“Our goal is to make it simpler and more rewarding for retailers and their customers to connect,” said Mike Jordan, chief executive, Bink. “Our technology allows loyalty programmes to evolve as consumers adopt new payment methods. This partnership adds real scale to our mission, and we are exceptionally excited.”

Jordan added: "Through our partnership with Lloyds Banking Group, we will take our intuitive digital user-experience, that eradicates the need for physical loyalty cards, to millions more customers. And we will continue to empower more retailers with our solution which generates better and richer customer insights, enabling them to serve their customers better.”

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