TSB will continue to issue Mastercard credit cards over the same term. The agreement means that together the two organisations 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%[1] 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 - no network is more widely accepted.

Mark Barnett, Divisional President for Mastercard UK & Ireland, said:
“As a trusted and successful challenger bank, who puts the consumer at the heart of what they offer, we are excited to deepen our relationship with TSB and build out their debit card offering together. This deal is an example of our commitment to grow the issuance of debit Mastercard among our banking partners, and as such we are best placed to support TSB with their transactional and digital banking plans.”

Jatin Patel, TSB’s Product Director, said:
“I’m delighted to be working with Mastercard. This partnership presents lots of opportunities for TSB and our customers in 2018 and beyond. We’re looking forward to seeing these opportunities develop and sharing more about what’s in store next year as we continue on our mission to bring more competition to UK banking and ultimately make banking better for all UK consumers.”

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.