It's official, from today in the UK you can now make purchases up to £100 all with the flick of the wrist.
The Treasury & Financial Conduct Authority have made the decision - after great public consultation and discussions with Banks and Retailers - to increase contactless payment limits with hopes to increase the instore expenditure after the economic hit of the pandemic.
The enthusiasm we have for easier, safe and secure higher payments, also brings fear of increased theft opportunities and some fear the risks of leading consumers further into debt by tempting them to overspend and lose track of their account balance. However, you may soon have the option to set your individual contactless limit if it's something you worry you can't keep under control.
There are over 9.6bn transactions carried out every year in the UK with 1 in 4 in 2020 being through contactless payment. UK figures show that in the first 6 months of 2021, £7.6m was stolen via contactless cards & phones - this equates to 1p out of every £100. So whilst there is risk in contactless, it's possibly more in perception than reality. Might that bring some comfort to the increase in contactless payment limits?
Well, if it doesn't, this could still take months for all stores, independent retailers and businesses for the changes to take effect. And if in doubt and the minor inconvenience of tapping 4 numbers is still an option, then it seems a win-win for all.
“Increasing the contactless limit will make it easier than ever to pay safely and securely - whether that’s at the local shops, or your favourite pub and restaurant,”
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