The bank says it will continue to issue Mastercard credit cards over the same term. The agreement means the two organisations “will partner to offer additional payment solutions”. No specifics were provided.
Mark Barnett, divisional president for Mastercard UK and Ireland, says the deal is an “example of our commitment to grow the issuance of debit Mastercard among our banking partners”.
According to Mastercard, 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 its customers are transferred across onto Mastercard branded cards. The partnership also includes TSB commercial cards.
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.