Lloyds Banking Group launched a new subscription management platform in 2021, CPA, to provide subscription payments linked to their customers' debit card. Customers can view and manage recurring payments, like subscription services, and cancel any unwanted subscriptions through your account settings. This process helps users track their regular payments and take control of their financial outgoings.
Lloyds Bank reported that over a million subscriptions were canceled by customers in 2022 as households faced financial pressures. This reflects the increased financial awareness and caution among consumers as they navigate economic challenges.