UK-based hospitality technology specialist Lolly has collaborated with Lloyds to develop a Pay by Bank system, enabling customers to make direct, secure bank-to-bank payments from a self-service kiosk.
Removing the need for card transactions and delivering instant payment settlement for businesses, the new payment concept is said to represent one of the first applications of Pay by Bank within a self-service hospitality environment, combining speed, security and convenience for users.
Developed in collaboration with Lloyds and hospitality business CH&CO, the system allows users to select ‘Pay by Bank’ at checkout, scan a QR code, and complete payment seamlessly through their mobile banking app. Funds are transferred directly to the retailer’s account in real time, offering faster transactions and reduced processing fees compared to traditional payment methods.
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