Lloyds taps Open Banking to launch money requests on mobile app

Lloyds Bank has launched a new Open Banking feature that enables its customers to request money from friends and family on its mobile banking app.

Link Pay enables users to request money back for shared purchases like restaurant bills or joint presents.

Lloyds customers can now send a request with a unique link or show a QR code, which means they don’t need to share personal account details.

The link pre-populates all the information needed, using Open Banking to take the sender straight to their own banking app to make the payment without asking for any other details.

The request, which can be sent via WhatsApp, SMS or Facebook Messenger, is then sent straight to the person who owes money.

The new feature lets customers personalise the request with an amount and a reference, which removes the need to set up a new payee.

Customers can request up to £150 each time and receive a maximum of £500 per day.

“We want our customers to have simple, secure ways to move money at their fingertips and our new Link Pay feature in our app helps them do just that,” said Gabby Collins, payments director at Lloyds. “No need to dig out a sort code and account number when someone owes you money – just add the amount and what the payment is for, and we’ll handle the rest.

“It’s never been simpler to get your sibling to repay you for Dad’s birthday gift.”