Mastercard has inked a major deal with Britian’s TSB to issue Mastercard debit cards to all the Bank’s current account customers in 2018 as part of a 7 year deal.
TSB will continue to issue Mastercard credit cards over the same term. The agreement means that together the two organizations will partner to offer additional payment solutions and ultimately create a better banking experience for all UK consumers.
The deal represents a significant investment by both parties and demonstrates Mastercard’s commitment to increase the issuance of its debit cards in the UK. TSB customers represent 4.5% of all current account customers in the UK and TSB will become Mastercard’s largest issuer of debit cards once all TSB customers are transferred across onto Mastercard branded cards.
The partnership also includes TSB commercial cards, which will enable the Bank’s business customers to take advantage of enhanced functionality to control and add flexibility to their company’s spending in the future.
The new partnership will leverage Mastercard’s digital payments expertise, fraud analytics and innovation capabilities in order to deliver convenient, safe and secure payment services to the Bank and its customers. It will also offer cardholders exclusive offers from Mastercard’s Priceless sponsorship assets, such as BRITs and UEFA Champions League, and the widest acceptance both in the UK and overseas with 43.5million available locations.
Other banks in the UK with retail current account propositions, such as Virgin Money and Citibank, will both issue debit Mastercard to their customers in 2017. Existing issuers of debit Mastercard include Clydesdale and Yorkshire Banking group and Metro Bank.