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MasterCard bags TSB as a customer in a win for its digital operations

Chief Executive of the TSB bank, Paul Pester, poses outside the bank's Baker Street branch in London September 9, 2013. Britain's 200-year-old TSB bank returned to the high street on Monday after an 18-year absence, the result of action by regulators and the government to introduce greater competition for the country's banks following several consumer scandals.

LONDON — TSB plans to switch all its customers from Visa debit cards to MasterCard from 2018, a major win for the card issuer in the UK.

TSB, which was spun out of Lloyds in 2013, will reissue debit cards to all of the bank’s current account customers in 2018 as part of a 7-year deal with MasterCard.

TSB has over 5 million customers in the UK and controls 4.5% of the British current account market. The bank, which is now owned by Spanish banking group Sabadell, will be MasterCard’s largest debit card issuer in the UK once the deal completes.

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Source:: BusinessInsider.Com

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