Expected to be made available from the fall of 2013, the suite of mobile payments products will offer a fast and secure payments system for micro-merchants, start-ups and small business owners.
Lloyds Bank transaction banking cards managing director Aidene Walsh said, "This partnership with Monitise will see Lloyds Bank use technology to open up many new opportunities for thousands of small businesses who want to trade on the move."
Walsh added that over 3.5m sole traders in the UK will be benefited from the new mobile payments technology and it will also plug that gap with a service that is low cost and easy to use.
The system will also enable business owner to check outstanding invoices and send reminders to customers by text message or email.
