£100 contactless limit implementation tomorrow: consumer choice should come first – comment
With the contactless payment limit increasing from £45 to £100 tomorrow, Friday 15 October, Matt Phillips, VP, Head of Financial Services at Diebold Nixdorf UK&I, says: “The increase to the contactless payment limit emboldens the industry’s commitment to giving consumers choice over how they pay – whether that be by cash, card, wallet or contactless. It ensures that digital progression reflects the needs of the market.
“It represents timely action from the industry after the pandemic heightened appetite for contactless, as customers desired safety and efficiency when shopping. This move will widen the consumer usage of contactless payments while keeping a limit that protects their account. Any move that improves the service for customers, while enabling the digital evolution of the UK banking industry is a positive step, and a trend that we hope to see continue across the sector.
“One option we believe should be more widely adopted across the industry is the choice for customers to set their own payment limits. This is because higher contactless payment limits could increase the risk of unauthorised spending for those who have lost their bank card. As such, banks should provide tools that allow customers to safeguard from this situation, particularly if they are worried about fraud.”