The contactless limit increased from £35 to £45 in April and is now set to increase to £100 in October…
As someone who carries multiple cards around with me (3 cards most of the time), I’m not sure how I feel about the possibility of someone being able to access £300 ish that easily?
What do you think?
https://www.ukfinance.org.uk/press/press-releases/contactless-limit-increase-100-15-october
I think it’s fine. With the age of push notifications and card freezing, if you lost a card or had it stolen, you’ll soon know about it and could stop it.
With ever enhancing fraud systems, hopefully it wouldn’t happen beyond a few payments anyway.
Personal opinion is it’s time to require banks to allow cardholders to disable contactless, as well as time for the FCA to encourage the big banks to increase awareness of Apple/Google Pay. Might even be worth requiring them to implement contactless payments on Android/iOS just to ensure that capability is there to allow them to really promote it.
The contactless increase will be very handy but it will definitely leave you more susceptible to potential fraud, especially if you lose your card. Perhaps more frequent, random pin checks will help to mitigate that somewhat?
Either way, I’m looking forward to this increase as it’s super handy for me!
set the limit at 50 and introduce contactless and PIN after every 5th transaction maybe?
I’d like to have the option of authorizing transactions on my phone. If I have a pin/fingerprint reader on it would then be 2fa and would only add a couple of seconds to the transaction.
That wouldn’t work for offline payments that are not instantly authorised as the terminal couldn’t validate it. What you describe is pretty much Apple Pay / Google Pay which has no contactless limit.
Some banks are looking to implement the ability for customers to be able to set their own limit so that will be a great feature. It will be interesting to see if all banks take this approach as it doesn’t seem that way at the moment.
But I agree, added pin verification should increase security and hopefully reduce the risk of fraud!