09:29 AM EDT, 03/20/2024 (MT Newswires) -- Lloyds Banking Group ( LYG ) will become the main card acquiring partner for PayPoint Group's network of merchants, PayPoint said Wednesday.

PayPoint merchants will gain access to bank services including a Lloyds bank business account that will be "fee-free" for one year, PayPoint said. Customers, meanwhile, will benefit from a new merchant app, earlier settlements, and wider access to Lloyds' business banking and lending products, the company added.

The expanded partnership will go into pilot in Q2 and fully launch in Q3 of fiscal year 2024-2025, the company said.

Financial details of the partnership were not disclosed.