Contactless card payments could become unlimited
a day ago
- #technology
- #security
- #finance
- Contactless card payments may exceed £100 and become unlimited under new FCA proposals.
- Banks could set their own limits, reducing the need for PIN entry.
- Digital wallets on smartphones already have no payment limits.
- Contactless limits have risen from £10 in 2007 to £100 in 2021.
- Fraud concerns persist, but protections like PIN checks for multiple transactions exist.
- Consumers can set personal limits or disable contactless payments.
- Smartphone payments, using biometrics, are popular among younger users.
- Some consumers prefer limits for security and budgeting reasons.
- The FCA aims to reduce payment friction and reflect rising prices.
- The proposal aligns with government efforts to boost economic growth.