Lloyds Bank is trialling a new feature to allow its customers to set personalised monthly limits on how much they spend each month on gambling using their debit card.
Through its mobile app, customers will be to set a monthly debit card gambling limit of any amount to the nearest whole pound, when spending online, in person or over the phone, the bank said.
Lloyds already lets customers freeze gambling spend completely on both debit and credit cards, a feature which was introduced in 2019.
The freeze blocks gambling payments – including a unique ‘defrost’ period – which means customers can remove the block at any time but must wait 48 hours before they can resume spending on gambling.
“For several years, we’ve helped our customers ‘turn off’ gambling spend,” said Philip Robinson, director, personal current accounts at Lloyds Bank. “Our newest feature lets customers set a personalised gambling spend limit, helping them better manage their money and establish boundaries around certain spending behaviour.”
The latest trial follows research by Lloyds which found that 50 per cent would of consumers like banks to take further action to help prevent gambling harm, with monthly gambling limits being one of the most supported features among respondents.
“As many households are having to think more carefully about their budgets, the launch by Lloyds Bank of its new in-app gambling spend limit feature will give those most vulnerable to gambling harms an important means of controlling their gambling - and preventing harms from escalating,” said Anna Hemmings, chief executive of charity GamCare. “This tool complements the range of existing support features that we can recommend to people reaching out for help."
The new feature comes after the launch of Lloyds’ ‘innovation sandbox’, with a view to working more closely with FinTechs to improve its digital products and services.
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